Vancouver, British Columbia - Anfield Gold Corp. (“Anfield” or the “Company”) (TSXV: ANF) is pleased to announce that it has received key permits required to commence construction of its Coringa Project (“Coringa” or the “Project”), being (1) the license of operation for exploration and trial mining, (2) the vegetation suppression permit and (3) fauna capture permit issued by the Secretaria de Estado de Meio Ambiente e Sustentabilidade (“SEMAS”).
The SEMAS permits contain a list of conditions for the conservation and protection of fauna and flora. In addition, the Company is required to comply with requirements related to: fuel storage; waste storage; transportation, storage and use of explosives; surface water drainage; archaeology; and worker health and safety programs. The Company is also required to submit regular reports on operational, environmental, and social performance. These conditions and requirements will be met as part of normal course operations.
The next step in the permitting process is the issuance of the trial mining licenses by the Departamento Nacional de Produção Mineral (“DNPM”), which will authorize the Company to commercialize production from Coringa. Anfield anticipates the DNPM’s approval will be received within the expected construction timeline for the Project. The trial mining licenses authorize mill feed processing of up to 50,000 tonnes of ore per year at the Project. Under applicable regulations, once the mine is operational, the Company may apply to the DNPM to increase the processing limit.
The Company continues to make progress in several other areas relating to the development of Coringa. Applications for required water and tailings storage permits are nearing completion. Discussions for long-term land access agreements are underway with the Instituto Nacional de Colonização e Reforma Agrária (“INCRA”), a government agency which claims ownership of the surface rights where the Project is situated. In addition, the Company is planning to submit its Environmental Impact Study (“EIS”) before the end of 2017; the submission of the EIS will commence the permitting process for the operation license needed for Coringa to operate at its planned mill feed capacity of approximately 460 tonnes of ore per day.
The Company has the necessary management and technical experience to complete the construction of the processing plant, mine and ancillary facilities and anticipates that all construction activities at Coringa could be completed nine to twelve months from a positive construction decision. Anfield is currently considering financing alternatives while continuing to advance the Project towards a construction decision. As of June 30, 2017, the Company had approximately C$14 million of cash on hand. The feasibility study for the Project (described in Anfield’s press release of July 25, 2017) outlines US$28.8M of initial capital requirements.
About Anfield Gold
Anfield Gold Corp. (TSXV: ANF) is a Vancouver, Canada based precious metal exploration and development company focused on the development of the Coringa Project located in Para State, Brazil. Anfield’s strategic plan includes the acquisition of other gold projects with the goal of becoming a mid-tier gold mining company.
Further details are available on the Company’s website at https://anfieldgold.com
Anfield Gold Corp.
Signed: “Marshall Koval”
Marshall Koval, Chairman & CEO
For further information contact:
fax: + 604-687-7041
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 news release.
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “will", “expected" or variations of such words. Forward looking statements or information in this press release include, but are not limited to, Anfield’s strategic plan to acquire other gold projects with the goal of becoming a mid-tier gold mining company; the mill feed for the Project; the capital costs estimated for the Project; the timing required to complete construction at the Project; Anfield’s belief that it will receive approval from the DNPM for the trial mining licenses during the construction period of the Project; Anfield’s plan to submit its EIS by the end of 2017; Anfield having the necessary management and technical experience to complete the construction of the processing plant, mine and ancillary facilities and that construction of the Project will occur at all. Although Anfield considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, risks associated with construction of facilities (including labour shortages and limitations of construction supplies), risks associated with the business of Anfield, risks related to obtaining the permits and approvals necessary to develop and commission the Project on terms that are acceptable to Anfield; risks related to Anfield identifying suitable acquisition targets; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; prices for commodities to be produced and changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of mineral resources and mineral reserves); risks relating to unanticipated operational difficulties (including failure of plant, 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 and social unrest; changes in general economic conditions or conditions in the financial markets; and changes to business and economic conditions in the mining industry generally. Forward-looking information and statements are in addition based on various estimates, forecasts and projections as well as expectations, beliefs and assumptions including, without limitation, the expectations and beliefs of management, the assumed long-term price of gold; that the Company can access financing and that the political environment where the Company operates will continue to support the development and operation of mining projects; that the feasibility study is an accurate assessment of the feasibility of the Project; and that the necessary remaining permits and approvals for the Project will be issued in a timely manner on terms satisfactory to Anfield. Although Anfield has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 forward-looking information. Anfield does not undertake to update any forward-looking information, except in accordance with applicable securities laws.