VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2017) - Atlantic Gold Corporation (TSX VENTURE:AGB) ("Atlantic" or the "Company") is pleased to provide a construction progress update for its Moose River Consolidated Project ("MRC Project"), one of Canada's few construction stage, permitted and financed open pit gold projects.
Construction is progressing as planned with commissioning scheduled for September 2017 and construction expenditures remains within budget. Overall project completion reached 40% at the end of January.
A link to construction photos can be viewed by clicking the following link:
The Company is working towards operating on two 12 hour shifts per day 7 days per week with regular rotations for three crews plus supervisory staff. All major equipment for pre-production has been delivered and the fleet will be expanded as the mine moves towards full operation. Currently the focus is on moving till and rock for the Tailings Management Facility (TMF) construction. To date approximately 865,000 tonnes of rock has been excavated, including 135,000 tonnes crushed, to provide construction material for the TMF, haul roads and plant site.
On February 3rd, a key milestone was achieved with the delivery of the ball mill and its components. The mill building is enclosed and the roof and cladding completed. Work has started erecting steel around the mill, and assembly of the ball mill components will start upon completion of steel erection. The 40-ton overhead crane has been installed. Mobilization of the Structural, Mechanical and Piping (SMP) contractor commenced early in February and first structural/mechanical activities commenced on February 13, 2017 on the grinding and reagents areas.
Preliminary placement of the first mechanical equipment occurred during January with the placement of several tanks within the reagents and plant services area.
For the leaching circuit, all Carbon in Leach (CIL) leach tanks and detox tanks are in place. Launders and bypass valves connecting the leach tanks have been installed.
In the reagents building, the concrete slab work as well as the erection of all major plate-work for the CIL and detox tanks has been completed. The foundations are also ready for the Motor Control Centre, gold room and lube room buildings. The first reagent tanks have been received on site and placed in position.
In the mining infrastructure area, work on the run of mine (ROM) wall was completed to the underside of the truck dump slab. The laboratory construction continued with exterior sheeting and roofing installed. Electrical installation has commenced in the Laboratory building. Wall framing has also commenced for the administration building. The septic field for the mine infrastructure area was completed and inspected by Nova Scotia Environment during the month of January.
Energization of the plant sub-station is planned for June 2017.
Tailings Management Facility (TMF)
The original TMF design included a grout curtain for seepage control which upon further evaluation could not be executed as designed. An upstream clay blanket, which is a more conventional method of seepage control was adopted, and is now under construction.
TMF construction is progressing and has now reached 15% completion. The material is sourced from the mine and used as rock fill for the dam embankment. The maximum height required for commissioning and the first 6 months of production is 6 metres before the second lift is required to be initiated. It is expected that activities related to placing the clay core and the layers of fine and coarse filter materials will start in the last week of March. Approximately 25 % of the upstream till blanket has been completed.
A Community Liaison Committee (CLC) has been in place since 2011. In 2016, Atlantic Gold expanded the CLC to ensure its membership was diversified with representation from the surrounding communities, including the two closest Mi'kmaq communities. The nine volunteer members act as an advisory board to Atlantic Gold. The CLC provides a mechanism for information exchange between communities and the company, as well as a forum to share questions, concerns, and input regarding the MRC Project. The CLC meets quarterly with the potential for additional meetings depending on interest and project developments. The next meeting is being scheduled for March 2017.
John Thomas, P.Eng., VP Projects to the Company and a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the contents of this news release.
Further updates will be provided in due course.
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.
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, 2015 and for the quarter ended September 30, 2016 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, the Company is 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.