Dalradian Resources Inc. ("Dalradian" or the "Company") is pleased to announce that the Strategic Planning Division of the Northern Ireland Department of Environment has determined that the Company's underground exploration development project at its Curraghinalt Gold Project can proceed without the requirement of an Environmental Statement.
Whereas this decision does not constitute final planning permission, we expect the Strategic Planning Department will issue the final permit, containing the terms and conditions that will govern the project, within the next four months. During this time, Dalradian will continue to meet with key stakeholders and regulatory bodies to address comments and questions and provide additional details on the proposed program.
"Receiving a positive decision on this important aspect of the permitting process is a clear signal that Northern Ireland is strongly supportive of smart resource development as a component of their economy," commented Patrick F.N. Anderson, Dalradian's CEO. "The excellent progress made thus far in our first major permitting effort owes much to the social license we have gained in the local communities through the hard work and transparency of our team in Northern Ireland."
The planned project, which will consist of an additional 2,000 m of underground development is intended to:
- Confirm the grade, thickness and continuity of the mineralized veins
- Test various mining methods
- Evaluate underground geotechnical and hydrogeological conditions
- Provide a large bulk sample for additional metallurgical testing
In expectation of receipt of final planning permission, Dalradian's newly hired VP of Project Development is on site and engaged in the detailed design of the underground exploration program. Dalradian has also begun meeting with qualified underground mining contractors, and identifying long-lead time items required for the program.
In the meantime, our exploration team continues with its historical core re-evaluation program whereby C-veins may have the potential to increase ounces, mining widths, and throughput rates, as well as reduce the effects of dilution. This program is on schedule for completion by the end of August. This data will be incorporated with the new drilling that has been completed since the November 2011 resource calculation and both datasets will be included in the next resource update.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade lode gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Northern Ireland properties.
Dalradian's flagship deposit, Curraghinalt, hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate using a 3 year trailing average gold price of $1378 per ounce.