Warrant Exercise Boosts Working Capital
VANCOUVER, BRITISH COLUMBIA – Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced that the Notice of Intent (“NOI”) to prepare an Environmental Impact Statement (“EIS”) on the proposed Stibnite Gold Project’s Plan of Restoration and Operations (“PRO”) was published in the Federal Register on Monday, June 5, 2017 by the United States Forest Service (“USFS”). The NOI marks the opening of the 45-day scoping period, which includes three public meetings and opportunity for the public to provide written comments to the USFS, the lead agency on the Stibnite Gold Project.
“The notice of intent represents another milestone for the Stibnite Gold Project and Midas Gold,” said Laurel Sayer, President & CEO of Midas Gold Idaho, Inc. “During the next 45-days, public participation is essential. We encourage interested parties, stakeholders and community members to share their comments, opinions and thoughts about our plan to restore and redevelop the site with the U.S. Forest Service.”
Coordinated Review Process
Before issuing the NOI, the USFS, the United States Army Corps of Engineers (“USACE”) and the Environmental Protection Agency (“EPA”) agreed to cooperate in evaluating and preparing a single EIS for the Stibnite Gold Project. As such, the Payette National Forest Office of the USFS is the lead agency, USACE will participate to ensure the EIS supports the Department of the Army under Section 404 of the Clean Water Act (“CWA”) and the EPA will participate to ensure the EIS could support a National Pollutant Discharge Elimination System (“NPDES”) Permit under Section 402 of the CWA.
“The agreement to harmonize federal reviews is a clear commitment to an efficient and timely process,” said Ms. Sayer. “Midas Gold is encouraged that the federal agencies have agreed to coordinate the permitting process under one Environmental Impact Statement. This approach ensures that every standard and requirement of the National Environmental Policy Act (“NEPA”) is adhered to while reducing time lost to redundant procedure. We believe this will lead to a better, more thorough, evaluation of the Stibnite Gold Project.”
The 45-day scoping period will run from June 5 to July 20, during which time the USFS will encourage and collect feedback from the public. Meetings for the public to learn more about the project will be held in late June in Cascade, McCall and Boise, Idaho. Officials at the USFS launched a website to collect public comments at http://www.fs.usda.gov/goto/payette/StibniteGold. Comments may also be mailed to Payette National Forest, ATTN: Forest Supervisor Keith Lannom - Stibnite Gold EIS, 500 N. Mission St. Bldg 2, McCall, ID 83638, or sent via email with a subject line reading “Stibnite Gold EIS Scoping Comment” to firstname.lastname@example.org, or faxed to 1-208-634-0744.
After evaluating feedback received during the scoping period, cooperating agencies will prepare the draft EIS. Interested parties may comment again once the draft EIS is published, which is expected around Q2 2018.
Midas Gold Corp. also announces that 99.7% of the C$0.60 warrants that were originally issued on May 20, 2015 have been exercised, resulting in proceeds to the Company of C$5.7 million. A total of 3,945,475 warrants for proceeds of C$2.4 million had been exercised prior to the Company’s last quarterly report (March 31, 2017) and the remaining 5,587,333 warrants, for proceeds of C$3.4 million were exercised subsequent to quarter end.
“We are encouraged by the continued support of our shareholders,” said Stephen Quin, President & CEO of Midas Gold Corp. “The proceeds from the exercise of the warrants will be used to advance our twin objectives of completing a feasibility study on the Stibnite Gold Project and advancing the Project through the regulatory process so that the full benefits of the proposed site restoration and redevelopment can be delivered.”
In September 2016, Midas Gold Idaho, Inc. submitted the 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 U.S. Forest Service in December 2016.
For further information about Midas Gold Corp., please contact:
Liz Monger - Manager, Investor Relations
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. Midas Gold Idaho, Inc. operates the project on behalf of Midas Gold Corp.’s other subsidiaries that own the mineral rights that comprise the 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 US Forest Service, the State of Idaho and other government agencies and regulatory bodies. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “expects” or “does not expect”, “is expected”, “estimates”, “believe”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “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 US Forest Services, the State of Idaho and other agencies and regulatory bodies) as well as the public comment period, scoping process and EIS will proceed in a timely manner and as expected; and that a Memorandum of Understanding will be entered into among US Forest Service and Idaho state agencies and that the timing and content of such Memorandum of Understanding is consistent with Midas Gold’s expectations. 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; 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 US Forest Services, 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.