Midas Gold (MAX-T) Sept 22, '16 today announced that its wholly-owned subsidiary, Midas Gold Idaho, Inc., which operates the Stibnite Gold Project ("Project") in central Idaho, filed a Plan of Restoration and Operations (the "PRO") with the U.S. Forest Service and Idaho Department of Lands on September 21, 2016 in order to initiate the environmental assessment and permitting process for the Project. Midas Gold anticipates that the U.S. Forest Service and Idaho Department of Lands will conduct internal reviews to determine the PRO's adequacy and completeness and will then commence the public review process in accordance with the U.S. National Environmental Policy Act and other requirements.
"The proposal laid out in the Plan of Restoration and Operations represents a rare opportunity to use private investment for natural resource restoration in conjunction with the redevelopment of the site as a modern mining operation that provides economic benefits to the region," said Stephen Quin, President & CEO of Midas Gold Corp. "The redevelopment of the Stibnite Gold Project site will see the restoration of salmon migration into the headwaters of a branch of the Salmon River for the first time since the 1930s, clean up a large abandoned mine site that has compromised the local ecosystem, and benefit the local economy and local communities through the creation of a long life, modern operation that prioritizes protection of the environment."
Community Input
Midas Gold has spent more than five years building relationships with individuals and organizations across Idaho, establishing existing environmental baseline conditions at the Project site, and conducting extensive technical studies to determine the environmental, social, technical and economic feasibility of redeveloping the Stibnite Gold Project. Through several phases of consultation and discussions over the past several years, Midas Gold has, where possible, incorporated the suggestions and advice of community members and other stakeholders into its plans for the Stibnite Gold Project in order to demonstrate that the Project will have a positive outcome from social, cultural and conservation perspectives, minimize its environmental footprint, while providing economic benefits and employment to the region.
"Cleaning up the site's existing legacy impacts and restoring salmon migration are just the first steps of the multi-year plan to restore the Stibnite Gold Project site to a self sustaining ecosystem," said Laurel Sayer, President & CEO of Midas Gold Idaho, Inc. "This large scale and long life Project will require a substantial qualified workforce, provide numerous employment opportunities for Idahoans, and generate many business opportunities in all phases and aspects of the Project restoration and operations."
Environmental Considerations
The Stibnite Gold Project has been designed with restoration and closure in mind. From the outset, Midas Gold has incorporated these objectives: addressing historical impacts, protecting the environment during all Project phases, and completing reclamation that incorporates stream restoration, wetland construction and enhancement, reforestation and fish and wildlife habitat enhancement.
With the redevelopment of the Project site, Midas Gold will repair the damage from a century of mining activity that has left a legacy of un-reclaimed open pits, tailings, development rock dumps, heap leach piles and a failed hydro dam, all of which have impaired water quality and elevated metal and sediment levels in local waterways. Forest fires have compounded the legacy impacts, accelerating erosion, reducing water quality and exacerbating the effects of past human activity.
Economic & Employment Benefits
As described in the PRO, the Stibnite Gold Project will generate significant net employment and economic benefits to the local communities, counties, the State of Idaho and the Nation, providing more than 1,000 direct and indirect jobs over the approximately 15+ years of construction and operations at wages two to three times the local and Idaho averages. Numerous business opportunities will also be created in Valley County and across Idaho during this period. The Project will also contribute significant local, state and federal taxes. Additional employment and benefits will occur during the closure and monitoring periods.
Regulatory Considerations & Process
The integrated Plan of Restoration and Operations for the Stibnite Gold Project will be subject to permit conditions that safeguard the environment and provide financial assurance that is sufficient to cover third party costs for closure and site reclamation. The majority of cleanup and restoration of legacy impacts will occur early in the Project life, thereby ensuring that Midas Gold delivers the intended benefits.
Midas Gold will support the U.S. Forest Service and Idaho Department of Lands as they co-ordinate the review of the Plan of Restoration and Operations by the public, by other Federal, State and local agencies, and by local and Tribal governments. "The proposal to develop the Stibnite Gold Project in an historical mining area, with an already impacted fishery, includes our ongoing commitment to continue open, respectful communication as we work with governments and with all of the Stibnite Gold Project's stakeholders to navigate diverse interests in a collaborative manner," said Ms. Sayer.
About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.
For further information about Midas Gold Corp., please contact:
Liz Monger
Manager, Investor Relations
(t): 778.724.4704
(e): info@midasgoldcorp.com
www.midasgoldcorp.com |
