VANCOUVER, BC, Nov. 30, 2020 /CNW/ - ATAC Resources Ltd.
(TSX-V:ATC) ("ATAC") or the ("Company") announces that on
November 27, 2020, it was notified
that the Yukon Government had rejected the Company's application to
construct a proposed tote road to its Tiger Gold Deposit in
east-central Yukon to support
advanced exploration. The stated reasons include opposition
expressed by the First Nation of Na-Cho
Nyak Dun ("FNNND").
The tote road was conditionally approved by both the Yukon
Government and the FNNND in March of 2018 under the Yukon
Environmental and Socio-Economic Assessment Act. ATAC
acted in good faith throughout the process and has taken great care
to ensure the input of the FNNND and the surrounding communities
were duly considered in designing and routing the road.
"We are extremely disappointed with, and surprised by this
decision" said President and CEO Graham
Downs. "This was an application for a private, single-lane,
gravel and controlled-access road in an area with existing winter
trail access. If this road can't be permitted following a
positive environmental and socio-economic assessment decision and
years of governmental encouragement to invest in the project, then
you have to wonder if Yukon is in
fact open for business."
ATAC does not agree with many aspects of the government's
decision and, in consultation with its external legal counsel, is
evaluating its options.
About ATAC
ATAC is a Vancouver-based
exploration company focused on advancing Yukon's premier precious and base metal
district and grassroots exploration in Nevada. Work on its ~1,700 km2
Rackla Gold Property in Yukon has
resulted in the Osiris Project Inferred Mineral Resource of
1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt),
a positive Preliminary Economic Assessment for the Tiger Gold
Deposit (Pre-tax NPV of $118.2M and
IRR of 54.5%), and numerous early-stage gold and base metal
discoveries. ATAC is well-financed with approximately $6 million in working capital.
On behalf of Management and the Board of Directors of ATAC
Resources Ltd.
Graham Downs, President and
CEO
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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.