MacDonald Announces Agreement with Environmental Tailings Corporation to Reclaim and Rehabilitate the Historical Scadding Tailings
15 November 2022 - 2:00PM
MacDonald Mines Exploration Ltd. (TSX-V: BMK, OTC:
MCDMF) (“MacDonald Mines” or the
“Company”) is pleased to announce the Company has
entered into a binding Sales and Purchase Agreement
(“Agreement”) with Environmental Tailings
Corporation
(“ETC”), a private Ontario company
incorporated for the purpose of undertaking reclamation of
mine-site tailings. MacDonald Mines has transferred to ETC a lease
area of 63.9 hectares
(“Lease”), which encompasses
the historical Scadding Tailings
(“Tailings”).
Highlights of the
Agreement:
- MacDonald Mines has transferred the
Lease which encompasses the Tailings to ETC for $1.00 but will
retain the mineral and mining rights of the Lease unhindered
- ETC will be responsible for all
costs associated with the processing and rehabilitation of the
Tailings as set out in the closure plan
- ETC has granted MacDonald Mines a
4% net smelter return from the sale of any metal extracted from the
Tailings
- ETC will resell the Lease to
MacDonald Mines for $1.00 once the Tailings have been processed and
the site has been restored as set out in the closure plan
- ETC has covered all of Macdonald
Mines costs associated in preparing this Agreement
Mr. Greg Romain, President & CEO of MacDonald Mines, stated:
“MacDonald Mines is pleased to have entered into this agreement
with ETC as they will complete the required closure of the Scadding
Tailings while allowing the Company to participate in any success
they have on the tailings recovery by way of an NSR.” Mr. Romain
added; “This transaction helps the Company preserve cash while
ensuring our focus and efforts remain on exploring our 100% owned
SPJ project. Furthermore, it confirms our commitment as a company
to clean up any historical workings which is supported by the
government of Ontario.”
Historical Scadding Tailings
The historical Scadding Tailings formed part of the Scadding
leases that MacDonald Mines acquired on April 30, 2019. The milling
on the property was done between 1987 and 1990 where a total of
140,000 tonnes were processed at a grade of 7.22 g/t (National
Instrument 43-101 Technical Report for the SPJ Project, October 18,
2019).
The 63.9 hectares Lease transfer represents less than 0.5% of
the SPJ project land package.
About MacDonald Mines Exploration
Ltd.MacDonald Mines is a Canadian gold and base metal
exploration company focused on exploring its 100%-owned, 19,720ha
(197km2) SPJ Project, 20km southeast of the prolific Sudbury Mining
Camp in Northern Ontario. The Company’s focus is to locate what it
theorizes to be large gold systems with high-grade gold surrounding
the past producing Scadding Gold Mine and potential large gold and
polymetallic structures surrounding Alwyn, Glade, MacLeod and
Norstar. The Company is also focusing on key critical metal systems
surrounding Candore and Jerome within the SPJ Project to supply the
renewable energy transition, particularly nickel, copper, and
PGE’s. The demand and need for critical metals is at an all-time
high, and Macdonald Mines’ believes the SPJ Property Area has the
potential to be part of the solution.
Qualified PersonJean-François
Montreuil, P.Geo., Chief Geologist of MacDonald Mines, is the
qualified person as defined by National Instrument 43-101 Standards
of Disclosure for Mineral Projects, responsible for preparing,
supervising, and approving this news release's scientific and
technical content.
Forward-Looking StatementsThis
news release may contain certain “forward looking
statements.” Forward-looking statements involve known and
unknown risks, uncertainties, assumptions, and other factors that
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 statements. Any forward-looking statement
speaks only as of the date of this news release and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
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.
To learn more about MacDonald Mines, please
visit www.macdonaldmines.com
For more information, please contact:
Greg Romain, President &
CEO Phone:
+1 (416)
364-7024 Email:
gromain@macdonaldmines.com
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