IDM Mining Ltd.
TSX : IDM

IDM Mining Ltd.

November 04, 2015 09:00 ET

Province of BC Initiates Environmental Assessment of IDM Mining's Red Mountain Underground Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 4, 2015) - IDM Mining Ltd. (TSX:IDM) ("IDM" or the "Company") is pleased to announce that the British Columbia Environmental Assessment Office ("BCEAO") has initiated the environmental assessment (EA) of the Red Mountain Underground Gold Project (the "Project") under Section 10(1)(c) of the British Columbia Environmental Assessment Act. This formalizes the commencement of the environmental assessment ("EA") for the Project and is another critical step towards the ultimate approval and potential development of this low capital cost, high-grade underground gold mine in the prolific "Golden Triangle" area of northwestern British Columbia.

PROJECT UPDATE

IDM submitted a Project Description during the summer of 2015 to both the BCEAO and the Canadian Environmental Assessment Agency (the "Agency"). The Project Description was reviewed in advance by First Nations, who have been engaged in constructive dialogue with IDM. The community of Stewart, located 18 km to the southwest of the Project, has also been engaged.

Over the past two years, the Company has completed extensive environmental baseline studies to support the EA process. Baseline studies have included: surface and groundwater quality, hydrology, climate, geochemical studies, archeological assessments, geohazards assessments, and fisheries and wildlife studies.

Project engineering studies, including tailings and water management design, are progressing in conjunction with the EA process, with an aim to complete a NI 43-101 compliant Pre-feasibility Study by mid-2016. Additionally, the Company will update the Project's NI 43-101 Resource Estimate, which will include IDM's 2014 drilling and historic results from the 141 Zone; this area of mineralization runs parallel to the current resource zones.

"We are very pleased to have the EA and engineering phases of the Red Mountain Project advancing as planned," said Michael McPhie, Executive Chairman of IDM Mining. "It has always been our strategy and intent to advance the permitting of Red Mountain over this period. In recognizing the reality that permitting is a critical phase in project development, we have approached this process as an opportunity to distinguish Red Mountain by carefully, methodically and collaboratively working our way through the process in an efficient and timely manner."

Robert McLeod, President and CEO of IDM added: "Our vision for a proposed, high-grade underground gold mine with potential low operating and capital costs, within a daily commute of my hometown of Stewart, would have a significant, positive impact on northwestern British Columbia. Advancing the permitting process puts us closer to realizing that opportunity."

FINANCING UPDATE

IDM is actively working to secure the necessary financial investment and support to facilitate a near-term option payment, the completion of feasibility studies and permitting leading to a final investment and potential construction decision on Red Mountain in late 2016.

ABOUT RED MOUNTAIN

IDM Mining is currently earning an option to acquire a 100% interest in the 17,125 hectare Red Mountain property, located 18 kilometers northeast of Stewart, BC. Numerous gold and silver deposits and exploration prospects have been identified by IDM and previous operators over a 15 km by 4 km trend of strong alteration and mineralized prospects. Since discovery in 1989, in excess of $40 million has been spent on the Project including a production-sized underground ramp.

ABOUT IDM MINING LTD.

IDM Mining Ltd. is a mineral exploration company (TSX:IDM) based in Vancouver, BC, Canada. The Company's current exploration activities are focused on precious metals in British Columbia. Further information can be found on the Company's website at www.IDMmining.com.

ON BEHALF OF THE BOARD of IDM Mining Ltd.

Robert McLeod

President, CEO and Director

Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the proposed exploration and development activities and their timing, resource estimates and potential mineralization, the PEA, including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period and net present values, and other plans and objectives of IDM. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others and in addition to those described elsewhere in this release, timing and success of future exploration and development activities, exploration and development risks, delays in obtaining or inability to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather, the timing and success of future exploration and development activities, exploration and development risks, mineral resources are not as estimated, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions.
In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: required regulatory approval, permits and financing will be obtained; the proposed exploration and development will proceed as planned; with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based; that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur, and market fundamentals will result in sustained metals and minerals prices. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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