TORONTO, Jan. 20, 2016 /PRNewswire/ - AuRico Metals
Inc. (TSX: AMI), ("AuRico" or the "Company") is pleased to
announce that as of January 11 the
British Columbia Environmental Assessment Office ("EAO") approved
the Application Information Requirements ("AIR") for the Kemess
Underground Project. The AIR specifies the information that must be
contained in the Environmental Assessment ("EA") application for an
EA Certificate. The BC EAO is managing the environmental assessment
in a Substituted Process on behalf of British Columbia and the Canadian
Environmental Assessment Agency.
Having finalized the AIR with the EAO, AuRico Metals has
completed its Environmental Assessment ("EA") application and has
submitted copies of the EA application to the three First Nations
who are collectively the Tse Keh Nay. AuRico Metals expects to
submit the EA application to the BC EAO within the next six weeks.
At that point the application will be subject to a 30 day EAO
screening process before entering into the 180 day review
period.
Commenting on today's announcement, Chris Richter, President and CEO of AuRico
Metals stated, "The receipt of the AIR and completion of the EA
application is the culmination of a tremendous effort by the AuRico
Metals team and our consultants and I would like to take this
opportunity to commend them for their efforts. We view the EA as a
significant de-risking catalyst for the Kemess Underground project
and we continue to target the fourth quarter of 2016 for the
receipt of governmental decisions on the project. Separately, we
remain on track to release an updated Kemess Underground
feasibility study and Kemess East resource estimate by the end of
this quarter."
About AuRico Metals
AuRico Metals is a mining royalty and development company whose
producing gold royalty assets include a 1.5% NSR royalty on the
Young-Davidson Gold Mine, a 0.25% NSR royalty on the Williams Mine
at Hemlo, and a 0.5% NSR royalty
on the Eagle River Mine – all located in Ontario, Canada. AuRico Metals also has a 2%
NSR royalty on the Fosterville Mine and a 1% NSR royalty on the
Stawell Mine, located in Victoria,
Australia. Aside from its diversified royalty portfolio,
AuRico owns (100%) the advanced Kemess Gold-Copper Project in
British Columbia,
Canada. AuRico Metals' head office is located in Toronto, Ontario, Canada.
Cautionary Statement
This press release contains forward-looking statements and
forward-looking information as defined under Canadian and U.S.
securities laws. All statements, other than statements of
historical fact, are forward-looking statements. The words
"expect", "believe", "anticipate", "will", "intend", "estimate",
"forecast", "budget" and similar expressions identify
forward-looking statements. Forward-looking statements include
those relating to expectations for a potential increase in
resources, estimates of grade core mineralization, timing and
content of any updated Kemess East resource, timing and extent of
any proposed operations, timing of any environmental assessment, as
well as other information as to strategy, plans or future financial
or operating performance, such as the Company's expansion plans,
project timelines, production plans, projected cash flows or
capital expenditures, cost estimates, projected exploration
results, reserve and resource estimates and other statements that
express management's expectations or estimates of future
performance. Forward-looking statements are necessarily based upon
a number of factors and assumptions that, while considered
reasonable by management, are inherently subject to significant
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking statements, including: uncertainty of
production and cost estimates; fluctuations in the price of gold
and foreign exchange rates; the uncertainty of replacing depleted
reserves and the possible recalculation or reduction of reserves
and resources; the risk that the Young-Davidson shaft will not perform as planned;
the risk that mining operations do not meet expectations; the risk
that projects will not be developed according to budgets or
timelines, changes in laws in Canada, Australia and other jurisdictions in which the
Company may carry on business; risks of obtaining necessary
licenses, permits or approvals for operations or projects such as
Kemess; disputes over title to properties; the speculative nature
of mineral exploration and development; compliance risks with
respect to current and future environmental regulations;
disruptions affecting operations; opportunities that may be pursued
by the Company; employee relations; availability and costs of
mining inputs and labor; the ability to secure capital to execute
business plans; volatility of the Company's share price; the effect
of future financings; litigation; risk of loss due to sabotage and
civil disturbances; the values of assets and liabilities based on
projected future cash flows; risks arising from derivative
instruments or the absence of hedging; adequacy of internal control
over financial reporting; changes in credit rating; risks related
to the operation of the properties in which AuRico Metals holds a
royalty; and the impact of inflation. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements
contained herein. Such statements are based on a number of
assumptions which may prove to be incorrect, including assumptions
about: business and economic conditions; commodity prices and the
price of key inputs such as labour, fuel and electricity; credit
market conditions and conditions in financial markets generally;
the ongoing operation of the properties in which AuRico Metals
holds a royalty by the operators of such underlying properties;
revenue and cash flow estimates, production levels, development
schedules and the associated costs; ability to procure equipment
and supplies and ability to do so on a timely basis; the timing of
the receipt of permits and other approvals for projects and
operations; the ability to attract and retain skilled employees and
contractors for the operations; the accuracy of reserve and
resource estimates; the impact of changes in currency exchange
rates on costs and results; interest rates; taxation; and ongoing
relations with employees and business partners. However, there
can be no assurance that forward looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements and investors
are cautioned that forward looking statements are not guarantees of
future performance. AuRico Metals cannot assure investors that
actual results will be consistent with these forward looking
statements. Accordingly, investors should not place undue reliance
on forward looking statements due to the inherent uncertainty
therein. The Company disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
SOURCE AuRico Metals