Improving the Lives of Local Stakeholders -
Mining with a Difference
VANCOUVER, BC, Nov. 17, 2021 /CNW/ - KORE Mining Ltd. (TSXV:
KORE) (OTCQX: KOREF) ("KORE" or the "Company") is
pleased to announce that in its ongoing efforts to generate
positive environmental and social impacts from the Imperial Gold
Project, the Company is launching Project ACES – A Clean
Environment for the Salton Sea ("ACES" or "Project
ACES"). Project ACES is just one of the many long term
positive benefits that KORE's Imperial Gold Project will bring to
the region.
HIGHLIGHTS
- ACES is part of the Imperial Gold Project where excess
materials are used to benefit local stakeholders
- ACES would supply materials required to remediate a major local
air pollution problem
- Reduced air pollution would bring a positive environmental
impact and save the lives of local stakeholders
- Imperial Gold Project, including ACES, would leave NO long-term
impact to Federal land
-
- Mine backfilled and recontoured to original topography after
providing materials to Project ACES
- Site vegetation is then rehabilitated to original state
- No long-term view scape or land use impacts
- Imperial Gold Project's mission is a net positive environmental
impact
THE PROBLEM – SALTON SEA
The Salton Sea, located in Imperial and Riverside Counties in Southern California, was created by an
accidental inflow of water from the Colorado River in 1905. Since
that time, it has been contaminated with industrial and
agricultural pollution. The Salton Sea is now evaporating,
leaving contaminated beaches and diminished wildlife habitat in its
wake. Dry desert winds blow these contaminated beach
materials into surrounding communities, creating poor air quality
resulting in respiratory disease and other health issues that
Imperial Valley communities have been struggling with for
decades.
Click HERE for to learn more about the Salton Sea and KORE's
proposed solution.
PROJECT ACES SOLUTION
In addition to gold, KORE's Imperial Gold Project will produce
an estimated 90 million tons of clean surplus material that was
placed in the Imperial Valley by the Colorado River over the past
10 million years. KORE's Project ACES has the potential to
remediate a significant portion of the southern Salton Sea over the
next 20 years by using the clean material as a cover for toxic
beaches, and thereby improving air. The materials could also
support other projects to restore wildlife habitat for migratory
birds and recreational areas for local communities, amongst
others.
"KORE is excited to be diligently working with our local
communities to help find a solution for the significant
environmental problems created by the receding Salton Sea," stated
Scott Trebilcock, President &
CEO. "We are committed to making a difference by leaving a lasting
and positive environmental legacy which will improve the quality of
life for people in surrounding communities and contribute to their
future well being."
KORE is working closely with local communities and agencies to
determine the best and most efficient path forward for Project ACES
and will continue to provide updates as the project advances.
POSITIVE ECONOMIC IMPACT TO IMPERIAL COUNTY
In addition to Project ACES, the development of the Imperial
Gold Project is anticipated to have numerous other benefits for
Imperial County, which has high
unemployment rates and is the lowest income county in
California. The Company anticipates the following benefits of
developing the Imperial Gold Project:
- Over $1.1B investment benefitting
Imperial County and the
State of California
- Over 500 construction and 220 direct permanent jobs
created
- Over $240M in government payments
to support community services
- Hundreds of indirect jobs and tens of millions of local
services
STRINGENT ENVIRONMENTAL CONTROLS LEAVES NO CHANGE TO
LONGER-TERM VIEWSCAPE
California has some of the most
stringent environmental laws in North
America. KORE will be complying with these laws and will aim
to exceed the legal requirements in our efforts both during mining
operations and as part of the reclamation process. KORE's
anticipated plan will include the following:
- Zero water discharge and no arsenic or mercury used
- No potential for acid rock drainage
- Water sourced from a robust aquifer that is not used by local
farmers or communities
- Backfilling and restoring local topography eliminate "hole in
ground" and "large piles of rock" left behind by historic mining
operations; any excess clean materials used for Project ACES as a
clean cover for toxic beaches
- Re-establish biology and desert washes returning site to near
greenfield state
- Return site to multi-use purpose of Federal land and no change
to Imperial County vistas
About Imperial Gold Project
KORE owns 100% of the Mesquite-Imperial-Picacho District which
consists of over 31,000 acres of claims capturing the entire
28-kilometer trend from the operating Mesquite mine (Equinox Gold -
TSX: EQX) to the closed Picacho mine and including KORE's
Imperial project.
In the District, gold is hosted in local fault structures
related to a series of regional faults connecting the known
District deposits. Those three District deposits (Mesquite,
Imperial and Picacho) were
discovered in exposed outcrops and from placer workings. The
rest of the District is covered by alluvium and has never been
systematically explored using modern
techniques.
Imperial has a mineral resource
estimate in it's technical report titled "Preliminary Economic
Assessment – Technical Report, Imperial Gold Project, California, USA" with an effective date
of April 6, 2020, revised and
amended as of June 10, 2021 and filed
on June 11, 2021, having the
following highlights:
- Robust economics: C$ 642 million
NPV5%* post-tax with 52% IRR at US$1,600 per ounce gold;
- Low capital intensity project with only US$ 143 million pre-production capital cost;
- 146,000 ounces gold per year over 8 years for 1.2 million
ounces total production; and
- Technically simple project: shallow open pit, run-of-mine heap
leach with existing infrastructure.
Other Matters
KORE has come to an agreement with Kin Communications ("Kin")
whereby Kin will continue to provide the same investor relations
services to the Company. In connection with the extension, the
Company has granted Kin 250,000 stock options exercisable at
$0.475 per share with a five-year
term, vesting in stages pursuant to the requirements of the TSX
Venture Exchange. All options have been granted pursuant to
the Company's stock option plan, and subject to compliance with all
applicable laws and the rules (and approval) of the TSX Venture
Exchange.
About KORE Mining
KORE Mining is focused on responsibly creating value from its
portfolio of gold assets in California,
USA. The Company is advancing the Imperial project towards development while
continuing to explore across both district-scale gold assets.
Management and Board (35% ownership), along with strategic
investor, Eric Sprott (26% owner),
are aligned with all KORE shareholders with the goal of creating
per share value.
Further information on KORE can be found on the Company's
website at www.koremining.com or by contacting us at
info@koremining.com or by telephone at (888) 407-5450.
Technical information with respect to the Imperial Gold Project
contained in this news release has been reviewed and approved
by Marc Leduc, P.Eng, who is KORE's COO and is the qualified
person under National Instrument 43-101 responsible for the
technical matters of this news release.
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.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating to
the future operations of the Company and other statements that are
not historical facts. Forward-looking statements are often
identified by terms such as "anticipate", "believe", "budget",
"could", "estimate", "expect", "feel", "indicate", "intend", "may",
"plan", "potential", "predict", "project", "should", "will",
"would", and similar terms and phrases, including references to
assumptions. All statements other than statements of historical
fact, included in this news release, including, without limitation,
statements regarding the future plans and objectives of the Company
are forward-looking statements. Forward-looking statements in this
news release include, but are not limited to, statements with
respect to: the benefits of Project Aces to the local stakeholders
and the environment; the remediation results and outcome on the
local air pollution problem; the long-term impacts to Federal
lands; the estimated amount of clean surplus material to be
produced by the Imperial Gold Project; the anticipated economic
benefits to Imperial County as a
result of the development of the Imperial Gold Project; the
strategy, timing and implementation of the environmental compliance
plan; the ability to work cooperatively with stakeholders,
including all levels of government; and expectations regarding the
impact of the COVID-19 pandemic. Such forward-looking statements,
and any assumptions upon which they are based, are made in good
faith and reflect our current judgment regarding the direction of
our business. In connection with the forward-looking information
contained in this news release, the Company has made numerous
assumptions, including, among others: there being no significant
change to current geotechnical, metallurgical, hydrological and
other physical conditions at the Imperial Gold Project;
exploration, permitting, and development of the Imperial Project
being consistent with current expectations and planning; that the
actual environmental and economic impacts and benefits will result;
that current applicable environmental laws do not change
substantially; the geological, permitting and economic advice that
the Company has received is reliable and is based upon practices
and methodologies which are consistent with industry standards; and
other planning assumptions. While the Company considers these
assumptions to be reasonable, these assumptions are inherently
subject to significant uncertainties and contingencies.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Known risk
factors include, among others: the outcome of BLM's review
processes for permitting, including the final outcome(s) of BLM's
mineral claim validity examination(s) and administrative review
process(es) with respect to the Imperial Zone, including a change
to the findings from the mineral claim validity examination
conducted in 2002 for the mill sites at the Imperial Zone,
resulting in the Company having to move its future Imperial Zone
project support facilities to areas that are not within the Indian
Pass mineral withdrawal area; the possibility that BLM may require
and/or conduct further mineral claim validity examinations with
respect to the Imperial project,
and the outcome and final determination of such examination could,
among other things, invalidate one or more mining claims; the
possibility that BLM or other governmental authority review of the
Regional Exploration Drilling program, delays or changes the
Company's plan for Regional Exploration permitting, which could
result, among other things, in delays, additional project
requirements, additional costs and uncertainty of meeting
anticipated program milestones; the exploration drill program may
not be completed as planned; the need to obtain additional
financing; changes in applicable laws and regulations; uncertainty
as to the availability and terms of future financing; the
possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other government
approvals; and the ongoing impact of the COVID-19
pandemic.
Additional risks and uncertainties are described under the "Risk
Factors" section of the Company's Annual Information Form for the
year ended December 31, 2020 prepared
as of April 29, 2021 available under
the Company's issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Although the Company has attempted
to identify important risk factors that could cause actual results
to differ materially from those contained in the forward–looking
information or statements or implied by forward–looking information
or statements, there may be other risk factors that cause results
not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking
statements or information.
The preliminary economic assessments are preliminary in nature,
that include inferred mineral resources that are considered too
speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic
assessments will be realized. There is no certainty that all or any
part of the mineral resource will be converted into mineral
reserve. It is uncertain if further exploration will allow
improving the classification of the Indicated or Inferred mineral
resource. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.
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SOURCE Kore Mining
