TORONTO--(BUSINESS WIRE)--Atlanta Gold Inc. (the "Company") (TSXV: ATG; OTC Pink: ATLDF) announces that the Idaho Department of Lands has approved the reclamation plan submitted in respect of proposed operations at the Neal Property and has granted a mine permit. The reclamation and operating permit is subject to certain conditions agreed upon with the Idaho State Lands Department and becomes active upon agreeing to the conditions and establishment of a reclamation bond. The surface mining permit will enable the estimated 12,900 ton stockpile collected from bulk samples completed in 2015 and 2016 to be removed from the site for processing.
Operations at the Neal Property are being conducted by Neal Development LP, the partnership formed by the Company to finance exploration activities at Neal. Mineral Point LLC, the Company’s indirect wholly-owned subsidiary, is the general partner of the partnership. Results obtained from the processing of the bulk sample are expected to enable the further refinement of the processes and equipment to be used at Neal and ultimately at the Company’s Atlanta Project.
The Company is assessing the means of funding and processing options in order for processing to commence.
About the Company
Atlanta Gold Inc. holds through its
100% owned subsidiary, Atlanta Gold Corporation (“AGC”), leases, options
or ownership interests in its Atlanta properties which comprise
approximately 2,159 acres (8.74 square kilometres) located 90 air
kilometers east of Boise, in Elmore County, Idaho. A long history of
mining makes Atlanta very suitable for development of new mining
projects. The Company is focused on advancing its core asset, Atlanta,
towards mine development and production.
The Company is also focused on advancing its exploration and processing methods on the Neal Property, which is located approximately 15 miles from Boise, Idaho and comprises approximately 192 acres (0.78 square kilometres). The Neal Property’s geology is similar to that of the Atlanta Project and it provides the Company with all-season access to further refine the processing equipment and procedures. AGC holds a five-year lease on the Neal Property and has staked an additional seven contiguous claims on public land that was open to mineral entry.
Forward-Looking Information
This news release
contains forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities laws with respect to the funding of the
reclamation bond and the commencement of processing of the bulk sample.
Such forward-looking statements are based upon various assumptions
and other factors that management believes to be reasonable, including
that the Company will satisfy the conditions of the permit, including
funding of the reclamation bond and enter into arrangements for the
transport and processing of the bulk sample in a timely manner. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results to differ materially from
those expressed or implied by the forward-looking statements. Risks
and uncertainties that may cause actual results to vary include the
ability of the Company and the partnership to obtain sufficient funding
necessary for the environmental bond and the commencement of operations;
as well as other risks and uncertainties which are more fully described
in the Company’s annual and interim management’s discussion and analysis
and other filings by the Company with the securities regulatory
authorities, which are available under the Company’s profile at www.sedar.com.
Should one or more risks and uncertainties materialize or should
any assumptions prove incorrect, then actual results could vary
materially from those expressed or implied by the forward-looking
statements and accordingly, readers should not place undue reliance on
the forward-looking statements. Readers are cautioned that
the foregoing lists of risks, uncertainties, assumptions and other
factors are not exhaustive. The forward-looking statements
contained herein are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements contained herein or in any other documents
filed with securities regulatory authorities, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws.
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