Yukon Zinc Corporation

Yukon Zinc Corporation

October 04, 2007 09:19 ET

Yukon Zinc Receives Type A Water Licence for Wolverine Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2007) - Yukon Zinc Corporation (TSX VENTURE:YZC) is pleased to announce that the Yukon Water Board has granted a Type A Water Licence for the Company's Wolverine Project. The Water Licence was signed into effect by the Premier of the Yukon, the Honorable Mr. Dennis Fentie on October 3, 2007.

Pamela Ladyman, VP Environment and Community Affairs of the Company states "the receipt of the Type A Water Licence completes the environmental permitting of the Wolverine Project and provides the framework for developing Wolverine as a low impact mine". The Licence sets out the conditions for the use of water during construction and operations at the Wolverine Project and the deposit of waste into water as required for the tailings facility. The Licence extends to the end of 2027, thereby incorporating all phases of development, operation and closure of the Wolverine Project.

The Company acknowledges the cooperative efforts of all parties (Yukon Government, Environment Canada, Ross River Dena Council and Liard First Nations, and the Yukon Conservation Society) during the environmental assessment review process and the Yukon Water Board public hearing. The cooperation of all parties ensured that the Wolverine Project was thoroughly and efficiently assessed with respect to environmental and socioeconomic issues, and led to the issuance of approvals in a timely manner. With both the Quartz Mining Licence and Type A Water Licence in place, development and operation of a mine at the Wolverine Project can now proceed.

Dr. Harlan Meade, President and CEO states that "the receipt of the Type A Water Licence overcomes one of the last remaining hurdles for the Wolverine Project; only the raising of the remaining funds required in order to achieve financial close of the previously-announced Barclays Capital US$140 million underwritten senior debt facility (see August 27, 2007 News Release) remains" .

Yukon Zinc Corporation is focused on the development of the Wolverine deposit as the Yukon's next significant zinc-silver mine and the exploration of the Finlayson District in the Yukon as Canada's newest Volcanogenic Massive Sulphide District. The Wolverine Project is strategically located to provide a secure supply of metals to the markets of the Pacific Rim.

Except for the statements of historical fact contained in this News Release, the information presented constitutes "forward-looking statements" as such term is used in Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements, including but not limited to, those with respect to the Barclays Facility, the raising of the additional funding requirement and the ability of the Company to proceed with construction at the Wolverine Project and the other factors and events described in this News Release, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the estimation or realization of Mineral Resources and Mineral Reserves (as such terms are defined by applicable Canadian securities regulators); variations in the underlying assumptions associated with conclusions of economic evaluations including, the timing and amount of estimated future production, costs of production, capital expenditures, the failure of plant, equipment or processes to operate as anticipated and possible variations in ore grade or recovery rates; availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares; and risks associated with the mining industry, including without limitation those associated with the environment. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, 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 such statements 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 statements contained in this News Release and in any document referred to in this News Release.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

Contact Information

  • Yukon Zinc Corporation
    Dr. Harlan Meade
    President and CEO
    (604) 682-5474 or Toll-free: 1-877-682-5474
    Yukon Zinc Corporation
    Shae Dalphond
    Manager, Investor Communications
    (604) 682-5474 or Toll-free: 1-877-682-5474
    (604) 682-5404 (FAX)
    International Toll Free: 1-800-8682-5474
    Email: info@yukonzinc.com / Website: www.yukonzinc.com