Kerr Provides Update on Receipt of Final Permit
TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) — Kerr Mines Inc. (TSX: KER, OTC: KERMF), (“Kerr” or the “Company”), is pleased to provide an update on recent positive developments on receipt of a Decision of Record at its 100% owned Copperstone Mine gold project located in Arizona, USA.
On December 17, 2019 the U.S. Bureau of Land Management (“BLM”) closed the Environmental Assessment (“EA”) Notice period in support of the Mine Plan of Operation (“MPO”) for the Copperstone Project. As there were no comments, the published EA is being accepted as written. Accordingly, the next and final step in the process is for the BLM to issue a Decision of Record (“DOR”) based on a Finding of No Significant Impact (“FONSI”) and formally approving the modification to the existing MPO at Kerr’s Copperstone Mine gold project.Kerr expects the receipt of the DOR based on FONSI and approved MPO in the coming weeks resulting in the following positive project implications:Increase of gold ore production from the current allowable limit of 450 tons per day to 600 tons per day;Use of cyanide for recovery of gold from ore using captive steel tanks located in the gold ore processing facility;Storage of stabilized tailings produced from the ore processing facility;Construction and use of a water evaporation and infiltration basin to be used to manage surplus water generated from underground operations; and,Improved operating conditions which will further improve project economics. All other permits required for mine operations and gold production are currently in hand and do not require further modification.Giulio T. Bonifacio, Chief Executive Officer stated: “We are extremely pleased with recent developments on the permitting front which is now nearing completion. Final receipt of the Decision of Record will prove to be a significant project milestone as it will allow Kerr to advance Copperstone to production on a basis that further enhances project economics”About Kerr Mines Inc.Kerr Mines is an Emerging American Gold Producer currently advancing the 100% owned, fully permitted past-producing Copperstone Mine project to production. Copperstone is a high-grade gold project located along a detachment fault mineral belt located in mining-friendly Arizona.For further information please visit the Kerr Mines website (www.kerrmines.com)The technical information in this news release has been reviewed and approved by Michael R. Smith, SME Registered Member (Geology), who is a “Qualified Person” as defined by NI 43-101.For further information contact:Giulio Bonifacio
Chief Executive Officer
604-318-6760Cautionary Note Regarding Forward Looking StatementsThis news release contains forward-looking statements, including current expectations on future exploration plans, the timing of the commencement of production and the rate of production, if commenced, receipt of permit approvals, potential changes to the mineral processing method set out in the Copperstone PFS and anticipated changes to project capital costs and overall project economics. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; reliance on third parties, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines’ business are more fully discussed in the Company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.While management believes that the results of its project optimization efforts and proposed changes to the project design are likely to improve the overall economics of the Copperstone Project previously disclosed in the Copperstone PFS, there can be no certainty that the actual effects will be as stated. The Company has not completed a new economic study in accordance with applicable law to evaluate the effect of the proposed changes and, as such, readers should not place undue reliance on these statements as the actual results may be significantly less favourable than expected.Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release and no stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.