First Mining Gold Corp. (“First Mining” or the
“Company”) (TSX:FF) (OTCQX:FFMGF) (FRANKFURT:FMG) is
pleased to announce the commencement of permitting for the
construction of a low-profile, resource access road (the “Access
Road”) to connect its Hope Brook Gold Project (“Hope Brook”) in
southeast Newfoundland, Canada to the Burgeo Highway or Highway
480. A Project Registration Document (the “Registration
Document”) was recently submitted to the Environmental Assessment
Division of the Government of Newfoundland and Labrador in relation
to the Access Road. It is currently undergoing a standard
45-day review process and the document can be accessed at:
http://www.mae.gov.nl.ca/env_assessment/projects/projects_under_review.html.
Jeff Swinoga, President & CEO of First
Mining stated, “We hope that the initiation of permitting for this
access road is just the first step in a series of future milestones
in advancing one of our most promising gold projects. Our
Hope Brook Gold Project in Newfoundland is a former producing gold
mine and has a high grade mineral resource located in a very
favourable jurisdiction.”
The Access Road will be approximately 58
kilometres in length and is intended to provide light to
intermediate-sized vehicles with access to the Hope Brook property
to support mineral development activities to be conducted by First
Mining.
The Registration Document is intended to
initiate the provincial Environmental Assessment (“EA”) review
process in Newfoundland and Labrador. The Registration
Document:
- identifies the proponent (First
Mining) and nature of the undertaking;
- describes the proposed Access Road,
including its purpose, rationale and alternatives, as well as key
components and planned construction and operational
activities;
- provides an overview of the natural
and human environmental setting for the Access Road;
- describes potential environmental
interactions and planned mitigation; and
- identifies the main permits,
licences and approvals required for the Access Road.
The Company is also planning a broad range of
environmental baseline studies this year at Hope Brook, as well as
along the proposed Access Road corridor, to collect the necessary
biophysical data to support a potential EA and future permitting
requirements. These studies include fish community and
habitat surveys, Species at Risk surveys, as well as surface,
ground water and hydrology surveys. Field work for these
surveys is planned for August and September of this year.
The current resource estimate for the Hope Brook gold project,
using a 3.00 g/t gold (“Au”) cut-off grade, is as follows:
Hope Brook Deposit Mineral Resource
Estimate*
|
|
|
|
ResourceCategory |
Tonnes (rounded) |
Au grade(g/t) |
Contained oz Au (rounded) |
Indicated |
5,500,000 |
4.77 |
844,000 |
Inferred |
836,000 |
4.11 |
110,000 |
|
|
|
|
* Notes:
1. Based on the technical report titled “2015
Mineral Resource Estimate Technical Report for the Hope Brook Gold
Project, Newfoundland and Labrador, Canada”, dated November 20,
2015, which was prepared by Mercator Geological Services Limited in
accordance with the requirements of National Instrument 43-101
Standards of Disclosure for Mineral Projects (“NI 43-101”).
The report can be found under First Mining’s SEDAR profile at
www.sedar.com, and on First Mining’s website at
www.firstmininggold.com.
2. Includes only Mine Zone and 240 Zone areas.
3. The above mineral resource estimate is based on a
partial percentage block model with dike material removed.
Dike percent is estimated at 18% for the Mine Zone and 0 % for the
240 Zone.
4. Gold grades reflect application of
domain-specific raw assay capping factors that range between 55 g/t
Au and 3 g/t Au.
5. Rounding of tonnes may result in apparent
differences between tonnes, grade and contained ounces.
6. Mineral resources that are not mineral reserves
do not have demonstrated economic viability. The estimate of
mineral resources may be materially affected by environmental
permitting, legal, title, taxation, sociopolitical, metal pricing,
marketing, or other relevant issues.
7. The gold cut-off value of 3.00 g/t reflects a
reasonable expectation of economic viability based on application
of underground mining methods, historic gold recovery levels that
range between 80% and 91% for past production (86% for Coastal Gold
testing) and a long term gold price of US$1,200 per ounce.
Dr. Chris Osterman, P.Geo., COO of First Mining,
is the “qualified person” for the purposes of NI 43-101 and he has
reviewed and approved the scientific and technical disclosure
contained in this news release.
ABOUT FIRST MINING GOLD
CORP.
First Mining Gold Corp. is an emerging
development company with a diversified portfolio of gold projects
in North America. Having assembled a large resource base
of 7 million ounces of gold in the
Measured and Indicated categories
and 5 million ounces of gold in the
Inferred category in mining friendly jurisdictions
of eastern Canada, First Mining is now focused on advancing its
assets towards production. The Company currently holds a
portfolio of 25 mineral assets in Canada, Mexico and the United
States.
For further information, please contact Jeff
Swinoga, President and CEO, at 416-816-0424, or Derek Iwanaka, Vice
President of Investor Relations, at 604-639-8824, or visit our
website at www.firstmininggold.com.
ON BEHALF OF FIRST MINING GOLD
CORP.
“Keith Neumeyer”
Keith Neumeyer Chairman
Cautionary Note Regarding
Forward-Looking Statements
This news release includes certain
"forward-looking information” and "forward-looking statements”
(collectively "forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation
including the United States Private Securities Litigation Reform
Act of 1995. These forward-looking statements are made as of
the date of this news release. Forward-looking statements are
frequently, but not always, identified by words such as "expects”,
"anticipates”, "believes”, “plans”, “projects”, "intends”,
"estimates”, “envisages”, "potential”, "possible”, “strategy”,
“goals”, “objectives”, or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions.
Forward-looking statements in this news release
relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future
events and include, but are not limited to, statements with respect
to: (i) the approximate length of the proposed Access Road; (ii)
the provincial EA process in Newfoundland for the Access Road;
(iii) the broad range of environmental baseline studies planned to
be carried out at Hope Brook this year; (and (iv) the future
development of Hope Brook and advancing it towards
production. All forward-looking statements are based on First
Mining's or its consultants' current beliefs as well as various
assumptions made by them and information currently available to
them. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors.
Such factors include, without limitation; issues that may be
identified during the provincial EA process for the Access Road;
fluctuations in the spot and forward price of gold, silver, base
metals or certain other commodities; fluctuations in the currency
markets (such as the Canadian dollar versus the U.S. dollar);
changes in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks
and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins
and flooding); the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities, indigenous populations and other
stakeholders; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development; title to properties.; and the
additional risks described in the Company’s Annual Information Form
for the year ended December 31, 2017 filed with the Canadian
securities regulatory authorities under the Company’s SEDAR profile
at www.sedar.com, and in the Company’s Annual Report on Form 40-F
filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of
factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions
with respect to First Mining, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events, and should not place undue reliance on the
forward-looking statements and information contained in this news
release. First Mining does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by the Company or on our behalf, except as
required by law.
Cautionary Note to United States
Investors
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of U.S. securities
laws. Unless otherwise indicated, all resource and reserve
estimates included in this news release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101”) and the Canadian Institute of
Mining, Metallurgy, and Petroleum 2014 Definition Standards on
Mineral Resources and Mineral Reserves. NI 43-101 is a rule
developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral
projects. Canadian standards, including NI 43-101, differ
significantly from the requirements of the United States Securities
and Exchange Commission ("SEC”), and mineral resource and reserve
information contained herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, the term
"resource” does not equate to the term "reserves”. Under U.S.
standards, mineralization may not be classified as a "reserve”
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's disclosure
standards normally do not permit the inclusion of information
concerning "measured mineral resources”, "indicated mineral
resources” or "inferred mineral resources” or other descriptions of
the amount of mineralization in mineral deposits that do not
constitute "reserves” by U.S. standards in documents filed with the
SEC. Investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. U.S. investors should also understand that
"inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part
of an "inferred mineral resource” will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources” may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to
assume that all or any part of an "inferred mineral resource”
exists or is economically or legally mineable. Disclosure of
"contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves” by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for
identification of "reserves” are also not the same as those of the
SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as "reserves” under SEC standards.
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c86acac3-eeb1-4547-9375-093d166d3b84
http://www.globenewswire.com/NewsRoom/AttachmentNg/80d260a5-9347-442f-923e-3d7815f59f6f
http://www.globenewswire.com/NewsRoom/AttachmentNg/9aa61b54-3414-4792-acf4-e94ee5312cfe
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