WHITEHORSE, YT, April 20,
2023 /CNW/ - Minto Metals Corp. (TSXV: MNTO)
("Minto" or the "Company") addresses the
Inspector's Direction issued on April 18,
2023 (the "Direction") to the Company by the Minister
of Energy Mines and Resources, Government of Yukon.
Pursuant to section 35(1) of the Waters Act, SY 2003, c. 19, the
Direction has been issued to Minto on the grounds that water has
been and is being used in contravention of the conditions of
Minto's water licence and directing the Company to take action to
protect the environment during this year's spring freshet.
Specifically, the Company has been directed to immediately begin
transferring water from the current water storage facilities to the
Minto North Pit, another on-site pit to ensure safe storage prior
to treatment, if the total storage capacity in the tailings storage
facility ("TSF") falls below 300,000 cubic metres, among
other things. When the water transfer to Minto North Pit commences,
the Company must also temporarily cease all deposition of tailings
into the TSF until water volumes from spring freshet have decreased
and the water storage capacity in the TSF has recovered, which may
result in a temporary suspension of the milling operations. No
further depositions of tailings is permitted without written
approval from the inspector. The Direction including all of the
measures to be taken by the Company can be found here: Inspector's
direction to Minto Metals Corp, April 18,
2023 | Government of Yukon.
In a statement issued by John
Streicker, the Minister of Energy, Mines and Resources, Mr.
Streicker states, "… While transferring water to this pit is not
part of the current water license, the risk is low as it was
previously mined, and offers the best choice to protect the
integrity of water and tailings storage facilities in advance of
the spring snow melt."
Chris Stewart, President &
CEO of Minto comments, "Minto is committed to strong environmental
stewardship which we demonstrated last year by temporarily shutting
our milling operation down for a total of six weeks to handle the
excess water we received during spring freshet. With our investment
into the water treatment plant over the past twelve months, we are
in a much better position to treat and discharge larger volumes of
water coming into spring freshet this year. We will continue to
work with the Yukon Government and Selkirk First Nation to ensure
our mine operates responsibly. Although water treatment is very
capital intensive, we are prepared to allocate the necessary
resources to ensure any water events do not put the Company out of
compliance with this order."
In 2022, $8 million was invested
in the Water Treatment Plant ("WTP") and this year the
Company is allocating another $12
million on upgrading and operating the WTP on site. In
addition, Minto is in the process of commissioning a second WTP to
double the output capacity as the Company prepares to enter spring
freshet. Every effort is being made to treat and discharge water in
order to maintain the freeboard above the 300,000 cubic metre
threshold.
Over 1.4 million cubic metres of water was discharged in a safe
and compliant manner in 2022, which constitutes more than double
what was cumulatively discharged over the prior 7 years. The snow
pack last season was 417% above normal, and there was no
environmental impact by the Company as a result of Minto's
commitment to protecting the environment and diligently taking
every step possible to mitigate any potential risks. Minto is
confident that it can once again safely navigate the freshet season
in 2023.
In an effort to identify all potential scenarios and potential
environmental risk, Minto has been working openly with the Yukon
Government and Selkirk First Nation in a trilateral forum since
2021. Minto remains aligned with the importance of protecting the
environment and if required moving water to Minto North as per the Direction.
About Minto Metals Corp.
Minto operates the producing Minto mine located within the
traditional territory of the Selkirk First Nation in the Minto
Copper Belt of the Yukon. The
Minto mine has been in operation since 2007 with underground mining
commencing in 2014. Since 2007, approximately 500Mlbs of copper
have been produced from the Minto mine. The current mine operations
are based on underground mining, a process plant to produce
high-grade copper, gold, and silver concentrate, and all supporting
infrastructure associated with a remote location in Yukon. The Minto property is located west of
the Yukon River, about 20 km WNW of Minto
Landing, the latter on the east side of the river, and
approximately 250 road-km north of the City of Whitehorse, the capital city of
Yukon.
Forward-Looking
Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements"), within the meaning of applicable Canadian securities
laws and "forward-looking information" within the meaning of
applicable U.S. securities laws, which we refer to collectively as
"forward-looking statements". Forward-looking statements are
statements and information regarding possible events, conditions,
or results of operations that are based upon assumptions about
future conditions and courses of action. All statements and
information other than statements of historical fact may be
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of words such as "seek",
"expect", "anticipate", "budget", "plan", "estimate", "continue",
"forecast", "intend", "believe", "predict", "potential", "target",
"may", "could", "would", "might", "will" and similar words or
phrases (including negative variations) suggesting future outcomes
or statements regarding an outlook. Forward-looking statements or
assumptions in this press release include, but are not limited to:
the potential investment and development of the WTP and the
commissioning of a second WTP.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors, which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors and risks include, but are
not limited to: the ability to obtain financing on acceptable terms
and in a timely manner or at all; failure to comply with the
Direction; the inability to upgrade the WTP or commission a second
WTP; the ability to allocate the necessary resources to mitigate
any risks with respect to spring freshet; the inability to transfer
water to the Minto North Pit, if required; the ability; risks
related to the Company's operations that are subject to
environmental hazards; no labour disputes or disruptions, no
flooding, ground instability, geotechnical failure, fire, failure
of the plant; general business, economic, competitive, political
and social and international conflict uncertainties; the delay or
failure to receive regulatory approvals; the supply and demand for
labour and other project inputs; changes in commodity prices;
changes in interest and currency exchange rates; risks relating to
inaccurate geological and engineering assumptions; risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk, social unrest or international conflict; changes in general
economic conditions or conditions in the financial markets; changes
in laws; risks related to the direct and indirect impact of
COVID-19 including, but not limited to, its impact on general
economic conditions, and the ability to obtain financing as
required; and other risk factors as detailed from time to time,
including those risk factors set out in the Company's MD&A
and annual information form for the year ended December 31, 2022. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on the forward-looking statements and information
contained in this news release. Except as required by law, the
Company assumes no obligation to update the forward-looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law. The statements in
this news release are made as of the date of this 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.
Contact Information:
Tania Barreto, CPIR,
Director, Investor Relations,
info@mintometals.com,
604 759 4666
SOURCE Minto Metals Corp.
