Midas Gold Provides Update on its Stibnite Gold Project
VANCOUVER, British Columbia, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced that the Nez Perce Tribal Executive Committee has adopted a resolution formally opposing the Company’s proposed Stibnite Gold Project. The Nez Perce Tribe is one of the three tribes being consulted by the U.S. Forest Service (“USFS”) under the National Environmental Policy Act review process.
“Naturally, we are disappointed in the decision by the Nez Perce Tribal Executive Committee,” said Stephen Quin, President & CEO of Midas Gold Corp. “The resolution appears to be driven by potential impacts on natural resources resulting from the redevelopment of the former Stibnite mining district and questions the benefits of the proposed restoration work that is an integral part of our Plan of Restoration and Operations. The Nez Perce Tribal Executive Committee’s resolution also notes historic impacts from mining on the environment and the Nez Perce Tribe. Midas Gold is cognizant of the historic impacts of mining, which may nowhere be better illustrated than in the Stibnite mining district. We have therefore, from the outset, designed our Plan of Restoration and Operations with closure in mind by incorporating considerable restoration of legacy impacts from historic mining, and focusing on improving water quality and fish habitat, all interests that we know we share with the Tribe and that the public will become more aware of as the permitting process moves forward.”
During the past several years, Midas Gold has proactively engaged with the Nez Perce Tribe, provided open access to the site and technical information generated in respect of the current situation at the site, in addition to plans for restoration, operations, and for reclamation and closure. “We will continue to reach out to the Nez Perce Tribe in a continued effort address their concerns,” said Mr. Quin.
In parallel with the formal National Environment Policy Act (“NEPA”) process, Midas Gold is continuing its extensive community and stakeholder engagement process, which has been underway for several years. The Company has met with local communities in various settings and provided tours to the site to demonstrate the extent of the historical disturbance in the district and Midas Gold’s comprehensive plans to remediate and restore the site.
Stibnite Gold Project Permitting Background
In September of 2016, Midas Gold Idaho, Inc. submitted its Plan of Restoration and Operations (“PRO”) for the restoration, re-development and operation of the Stibnite Gold Project in Valley County, Idaho. The PRO was deemed administratively complete by the USFS in December 2016, the scoping process was completed in July 2017 and the environmental analysis and alternatives assessment is currently nearing completion.
A detailed presentation on the PRO can be found at www.midasgoldcorp.com. Details of previous news releases and technical studies can be found filed under Midas Gold’s profile on SEDAR (www.sedar.com) or at www.midasgoldcorp.com.
For further information about Midas Gold Corp., please contact:
Liz Monger -- Manager, Investor Relations (t): 778.724.4704
About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries are focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action including actions to be taken by the USFS, the Nez Perce Tribe, the State of Idaho and other government agencies, tribes and regulatory bodies. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements that certain actions, events or results "may", “will”, "could", "be achieved". In preparing the Forward-Looking Information in this news release, Midas Gold has applied several material assumptions, including, but not limited to, assumptions that the current objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; that the formal review process under the NEPA (including a joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the public comment period, scoping process and Environmental Impact Statement will proceed in a timely manner and as expected; that Midas Gold and its affiliated entities will qualify for the Bona Fide Prospective Purchaser (“BFPP”) defence under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Midas Gold to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the review process under the NEPA; risks relating to whether Midas Gold and/or its subsidiaries will be deemed a BFPP under CERCLA; uncertainty surrounding input to be received pursuant to the scoping process including but not limited to the public comment period; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, Nez Perce and other tribes, State of Idaho and other agencies and regulatory bodies; as well as those factors discussed in Midas Gold's public disclosure record. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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