DGAP-News: Coronet Submits Operating Permit Application for White Caps Gold Project
(firmenpresse) - Coronet Metals Inc.
18.06.2013 15:35
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VANCOUVER, British Columbia, 2013-06-18 15:35 CEST (GLOBE NEWSWIRE) --
Coronet Metals Inc. (OTCQX:CORMF) (TSX-V:CRF) (FWB:2CM) ('Coronet') is pleased
to announce that its 100% owned subsidiary, White Caps Gold Mining Company Inc.
('WCGM'), has presented the White Caps Gold Project's Integrated Plan of
Operations Water Pollution Control Permit Application and Reclamation Plan to
the USA Bureau of Land Management ('BLM') and the State of Nevada Department of
Environmental Protection ('NDEP'). The approval process for this Permit and the
other minor permits is estimated to take up to 18 months. The White Caps Gold
Project is located on patented and unpatented claims near the town of Manhattan
in northern Nye County, Nevada, 13 miles south of Kinross and Barrick's Round
Mountain Gold Mine. Once permitting is complete, Coronet will refurbish and
upgrade the existing White Caps Mill facilities to process 250 tons per day of
existing precious metals tailings and mine rock dumps, and to toll process
third party ore.
The existing tailings and mine rock dumps come from the White Caps Mine which
operated continuously from 1905 until 1942. Coronet plans to remove
approximately 300,000 tons of the historic tailings and rock dumps from the
landscape and process them through the Mill to extract gold and silver from the
material which grades about 3 g/t gold. As the tailings and dumps are removed,
Coronet will reclaim the BLM land. Processed material will be permanently
contained within modern, lined tailings impoundments. Additional phases of
tailings impoundments can be constructed to extend the Mill life to 10 years.
Coronet is in advanced discussions with other mining companies in the District
with the goal of securing additional high grade ore for the White Caps Mill as
well as discussing exploration synergies in the District. Coronet currently has
an approximate 930 hectare (2,295 acre) land position in the Manhattan Mining
District.
A feasibility study has not been completed and there is no certainty the
proposed operation will be economically viable. Coronet is in the process of
producing a Technical Report under National Instrument 43-101 and is planning
to do the drilling, sampling and resource calculations for a Preliminary
Economic Assessment in parallel with permitting. The NI 43-101 Report work
commenced in March 2013 and is expected to be completed in the 3rd quarter
2013.
Mr. Theo van der Linde, President and CFO of Coronet states, 'We are very
pleased to have concluded and submitted a solid Plan of Operations Permit for
the White Caps Gold Project. The submission is a critical step forward that
will allow Coronet to bring our second producing project online in Nevada.'
About Coronet Metals Inc.
Coronet Metals Inc. is well positioned to build a substantial junior gold
mining and exploration enterprise by acquiring additional advanced, near
production assets in the Americas. Coronet's strategy is to start generating
cash flow from their Liberty Processing Facility in Nevada which is expected to
come online treating precious metals materials in the 3rd Quarter of 2013 and
replenish the treasury to take advantage of additional growth-opportunities.
The proven management team has extensive experience in all aspects of the
development and financingof resource projects in Latin and North America.
Coronet has the White Caps Gold Mining Company Inc. Gold Project in Nevada, the
Liberty Precious Metals Testing and Processing Facility in Nevada and Yanamina
Gold Project in Peru.
This news release contains certain forward?looking statements, and such
statements involve risks and uncertainties. The results or events predicted may
differ materially from actual results or events. Any forward?looking statement
speaks only as of the date of this news release. Except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward?looking statement, whether as a result of new information,
future events or results, or any other occurrence.
Neither the TSX Venture Exchange nor its regulation services provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT: FOR FURTHER INFORMATION AND ENQUIRIES:
Theo van der Linde, President and CFO
Tel: +1 902 403 7258
Email: tvanderlinde(at)coronetmetals.com
FOR PROCESSING PROPOSALS AND INFORMATION:
Stephen Stine, CEO&COO
Tel: + 1 303 905 1770
Email: sstine(at)coronetmetals.com
WWW.CORONETMETALS.COM
News Source: NASDAQ OMX
18.06.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Coronet Metals Inc.
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End of Announcement DGAP News-Service
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News-ID 270776
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