2016-07-27 08:49 ET – News Release
Mr. Jack Bal reports
UPDATE ON BISHOP MILL OPERATIONS AND RADCLIFF PROPERTY JOINT VENTURE
Pruett-Ballarat Inc. (PBI), the mine operator and CMC Metals Ltd.’s joint venture partner at the Radcliff property, has filed an updated alternative small and remote mine rescue plan, escape and evacuation plan, and a ventilation plan (updated since the plan referenced in the news release dated Oct. 22, 2014), and has renewed national mine operating permits at the Radcliff mine located in the west-central portion of the Panamint range, Inyo county, near Ballarat, Calif.
PBI has also installed an upgraded ventilation system, including renewed anemometer and gas detection equipment. Preparations are in an advanced stage for restart of underground mining operations following the recent completion of MSHA (US Mine Safety & Health Administration) training and certification of miners (including surface training for surface support and Bishop Mill personnel) and the successful renewal of the PBI-held State mine blasting license. The current mine development has advanced the 5510-level drift into mineralized material, with long-run development potential remaining at the upper elevations (between the 4530 to 6580 feet elevation levels above mean sea level). Mining re-starts in an area of sampling-indicated high-interest mineralization, as reported by the Company on June 25, 2015. The Company’s business plan is to selectively mine “high grade” portions 1 of an indicated resource, with anticipated run-of-mine grade to be calibrated by sampling of faces prior to blasting, and sub-sampling of mined material at a run-of-mine sub-sampling plant located at the 5510-level portal. The sub-sampling station has been recently installed, subsequent to previous technical disclosure (refer NR of January 21, 2015).
In parallel with the work at the Radcliff Mine, the Company has been focused on planning and updated budget work to allow re-start of operations at its 100% owned Bishop Mill. The Company is working with the regulator at the California EPA, Regional Water Quality Control Board, Lahontan Region to finalize a vadose zone monitoring solution for the constructed tailings impoundment, such that the monitoring well base is located proximal to the tailing sump but will minimize disturbance of the as-built earthen containment construction and in-place liner. The supplier of a bird-netting solution has confirmed that a net has been shipped from Chicago: the Company continues to finalize wildlife protection requirements for the tailings facility. The plant team will re-staff in the near term, and is also reviewing technologies to allow the ‘dry’ capture and stacking of tailings.
COO Ian Graham commented: “The recently completed capital raise is permitting the Company to move forward on equipping, staffing and making bond arrangements for the Mill at Bishop, whilst simultaneously working with our partner Pruett-Ballarat Inc. to commence the mining of Mill feed: the Mill and mining JV teams are anxious to drive forward and deliver free cash flow in Q4, 2016.”
1 The presence of “high grade material” at Radcliff is documented in the NI43-101 compliant technical report filed on SEDAR. The mineral resources as stated January 9, 2013, remain current mineral resources.
We seek Safe Harbor.
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