Atlantic Gold Corporation
TSX VENTURE : AGB

Atlantic Gold Corporation

December 08, 2015 08:00 ET

Atlantic Gold Commences First Stage of Environmental Assessment for Beaver Dam

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 8, 2015) - Atlantic Gold Corporation (TSX VENTURE:AGB) ("Atlantic" or the "Company") announces that the Company has received a Notice of Determination (the "Notice") from the Canadian Environmental Assessment Agency ("CEAA"), representing the commencement of the environmental approval process (the "EA Process") at the Company's Beaver Dam Mine Project ("Beaver Dam") under the Canadian Environmental Assessment Act, 2012. The EA Process will be harmonized with a concurrent provincial process by the Province of Nova Scotia, such that the approvals from both the federal and provincial environmental offices will be delivered within an expected time frame of 12-18 months.

Beaver Dam is one of the two deposits within the Company's flagship project, the Moose River Consolidated Project ("MRC Project") in Nova Scotia, which contemplates the mining of the Company's Touquoy deposit for approximately 5 years, followed by the mining of Beaver Dam for 3-4 years thereafter. All ore mined from Beaver Dam will be processed at the Touquoy site, minimizing the environmental footprint at Beaver Dam. The Company's reclamation plan at Beaver Dam will include remediation of the Beaver Dam area disturbed by Atlantic, as well as areas disturbed from previous operations in the area prior to Atlantic owning the licenses.

Although the EA Process is expected to take 12-18 months, it will not interfere with the planned construction and development timelines, subject to financing, for the Company's MRC Project. Commencement of mining at Beaver Dam is not proposed to commence until year 5 of operations. This EA Process is also not expected to affect progress in securing project financing for the MRC Project in the near term.

As indicated in the Notice, CEAA has also published draft guidelines in respect of a submission of an Environmental Impact Statement ("EIS"). The draft guidelines are available for public comment until January 14, 2016, at which point CEAA will finalize the guidelines. Atlantic will then complete an EIS for submission in accordance with the legislated timelines.

Steven Dean, Chairman and CEO commented, "Atlantic is looking forward to working with CEAA and Nova Scotia Environment to diligently progress the EA process. The Company has already completed a baseline work program, the results of which have indicated no significant environmental issues, nor the presence of navigable waters. These results, along with the fact that there will be no processing at Beaver Dam other than crushing of ore for transportation to Touquoy, lead the Company to believe that the EA Process will be straight forward and shareholders should expect a positive outcome well in advance of proposed operations at Beaver Dam."

Further updates on the EA Process will be provided in the coming months.

On behalf of the Board of Directors,

Steven Dean, Chairman and Chief Executive Officer

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.

Forward-Looking Statements:

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the activities contemplated in this news release and the timing and receipt of requisite regulatory, and shareholder approvals in respect thereof. Forward-looking statements in this news release include, without limitation, statements related to proposed exploration and development programs, grade and tonnage of material and resource estimates. These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets.
In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained gold demand and prices; (2) the receipt of any necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (4) sustained commodity prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2014 and the quarter ended September 30, 2015 on the SEDAR website at www.sedar.com. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, we are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information

  • Atlantic Gold Corporation
    John Morgan
    President and COO
    +1 604 689-5564

    Atlantic Gold Corporation
    Chris Batalha
    CFO
    +1 604 689-5564