Emgold Mining Corporation Shareholder Update
Sponsored LinksEmgold Mining Corporation (TSX VENTURE:EMR)(OTCBB:EGMCF)(FRANKFURT:EML) (the “Company” or “Emgold”) is pleased to provide its shareholders with the following update:
Idaho-Maryland Project
The City of Grass Valley, California (the “City”) is nearing completion of the Draft Environmental Impact Report (”DEIR”) for the Idaho-Maryland Gold Mine Project (the “Project”) which is expected to be published in late September or early October of 2008. Delays in the issuance of the DEIR relate to additional scope items being completed by the City and its consultants, Environmental Science Associates (”ESA”). These items were identified during four public workshops held by the City as part of the California Environmental Quality Act (”CEQA”) process. The City and ESA are ensuring that all public concerns are identified and addressed in the CEQA process prior to releasing the DEIR.
The Company’s wholly-owned subsidiary, Idaho-Maryland Mining Corporation (”IMMC”) is preparing applications for several major operating permits. These permits include the U.S. Army Corps of Engineers 404 (Wetlands) Permit, the National Pollution Discharge Elimination System Discharge Permit under the jurisdiction of the California Regional Water Quality Control Board, a Voluntary Clean-Up Agreement for the historic Idaho-Maryland site with the California Department of Toxic Substance Control, and Mine Waste Discharge Requirements under the jurisdiction of the California Regional Water Quality Control Board.
IMMC is also preparing a computerized resource model using MineSight® software. Recent work has consisted of scanning of all historic geological maps for the model and currently IMMC’s Chief Geologist, Robert Pease, is modeling the mineralized zones based on these geologic maps and over 40,000 historical assays. IMMC has retained AMEC, a leading provider of services and engineering solutions to the world’s infrastructure, manufacturing and process industries, to assist in completing a new NI 43-101 compliant resource estimate. This work is expected to take several more months to complete.
IMMC is developing mine planning, scheduling, and cost estimates to evaluate various scenarios for dewatering, exploration, and redevelopment of the Idaho-Maryland Mine. Upon completion of the Final Environmental Impact Report (”FEIR”) and the new resource model, IMMC plans to complete an updated Scoping Study on the Project.
IMMC’s community relations program continued this summer in the City with staff attending many events including the Grass Valley Thursday Night Markets, the Nevada County Fair, the 113th Miner’s Picnic, etc. to answer questions from the public about the Project. IMMC was honoured to have taken on the role as Grand Champion Sponsor for the annual Nevada County Fair, which was attended by approximately 87,000 people in 2008. IMMC hopes to continue this as a long term role in the future as the Project moves into operation, recognizing the importance of the Fair to the residents of Nevada County. IMMC was pleased to assist the Economic Resource Council, Grass Valley Downtown Business Association, and Grass Valley/Nevada City Chambers of Commerce in putting together a display for Nevada County at the California State Fair. The display included a replica of the Idaho-Maryland head-frame. The 2008 State Fair was attended by approximately 790,000 people and Nevada County was awarded a Bronze Ribbon for its display.
It is expected that the FEIR will be certified near the end of 2008. Upon approval of the Project by the Planning Commission and City’s Council a Conditional Mine Use Permit will be issued for the Project. At that time a Development Agreement will also be completed between IMMC and the City. These approvals are expected in the first half of 2009.
Golden Bear Ceramics Company
Emgold continues to consider opportunities to independently finance its other wholly-owned subsidiary, Golden Bear Ceramics Company (the “GBC”) and discussions are ongoing with a variety of interested parties. GBC has filed for several U.S. and international patents to protect the Ceramext® technology and patent work is proceeding without issue. Representatives of GBC were recently invited to and attended the Green Technologies Exposition as part of the XXVI Annual Border Governor’s Conference in California. The conference is attended by the 10 border governors along the U.S. and Mexico border, representing the third largest economy in the world. The Green Technology Exposition consisted of displays by 70 companies presenting innovative green technologies, highlighting the conference theme of “Building Green Economies”. The conference was hosted by California Governor, Arnold Schwartzenegger (see http://gov.ca.gov/press-release/10382).
B.C. Properties
In August 2008, Emgold completed its commitment to exercise its option to acquire a 100% interest in and to the mineral rights to the Stewart Property, located in the Nelson Mining Division of southeastern B.C. The Stewart Property is in a region characterized by historic mining activity and has been subject to exploration by a variety of companies including Emgold over the last 100 years looking for gold, copper, tungsten, molybdenum, and other minerals. Shell Canada defined a non-NI 43-101 compliant resource of 204,125 metric tones grading 0.370% MoS2 in 1981. Molybdenum mineralization appears to exist in breccia pipes.
In March 2004, Emgold entered into an option agreement to acquire a 100% interest in the 600-hectare Jazz Property consisting of twenty-four mineral claims contiguous to the Stewart Property. Several areas of interest have been identified to date on the Stewart/Jazz properties through exploration activities including the Stewart Moly Zone, the Free Silver Zone, the Arrow Tungsten Zone, and the Craigtown Creek Area.
In April 2006, Emgold completed its commitment and exercised its option to acquire a 100% interest in and to the mineral rights to the Rozan Gold Property, located in the Nelson Mining Division of southeastern B.C. The Rozan Gold Property is located west and adjacent to the Gold Mountain Zone gold discovery on the Kena Gold Property held by Sultan Minerals Inc. Sultan Minerals Inc. has published a NI 43-101 compliant technical report (authored by Gary Giroux, P.Geo. and Linda Dandy, P.Geo.; filed via SEDAR June 16, 2004) on its Kena Gold Property outlining measured and indicated resources of 381,000 ounces and inferred resources of 389,000 ounces of gold. Emgold has conducted several early stage exploration programs on the Rozan Gold Property including geochemical, geophysical, and drill evaluations. Emgold believes the Rozan Gold Property hosts high grade gold in individual quartz veins as well as low grade gold in stockwork quartz vein systems.
Summary reports have been recently completed on these properties and Emgold is seeking joint venture or other opportunities to advance them.
For more information about Emgold, the Idaho-Maryland Gold Mine Project, Golden Bear Ceramics Company and the Stewart/Jazz and Rozan properties in British Columbia, please visit www.emgold.com or www.sedar.com.
On behalf of the Board of Directors
David Watkinson, P.Eng., President, COO and Director
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s filings that are available at www.sedar.com or the Company’s website at www.emgold.com.
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