Chieftain Metals Corp. (TSXV:CFB) (“Chieftain” or the “Company”) is pleased to announce the Minister of Environment for the Province of British Columbia, Mary Polak, has determined that the Tulsequah Chief Mine project has been substantially started. As a result, the environmental assessment certificate remains in effect for the life of the project and the Company can continue building the mine. Chieftain will proceed with the project in accordance with the 2014 Feasibility Study dated November 27, 2021 available on SEDAR (www.sedar.com).
Mr. Victor Wyprysky, President and CEO of the Company commented, “We are pleased with Minister Polak’s decision. The project has had well over $100 million spent on advancing it and this is a most welcome decision to the people of Atlin who have demonstrated widespread support for the project in recognition of the major economic and social benefits which will accrue to the entire community with the mine development. A feasibility study completed in late 2014 has robust economics with significantly lowered capex. We are now finalizing project financing with partners with a plan to begin the next phase of construction, which will allow the company to develop one of the highest grade, lowest cost, zinc-rich projects permitted for construction. The development schedule is expected to meet the looming global zinc supply deficit due to growing demand and numerous mines closing as they run out of ore.”
Chieftain Metals Corp.’s principal business is the acquisition, exploration and development of mineral properties. The Company’s business has focused on the development of the shovel ready, high-grade Tulsequah Chief deposit located in northwestern British Columbia, Canada. The Company has commenced project financing discussions based on the strong results of the 2014 Feasibility Study.
This news release contains forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements and can be identified by the use of future-oriented words and phrases including without limitation “may”, “will”, “could”, “would”, “subject to”, “expects” and similar words and their negative variations thereof. Forward-looking statements in this press release are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made and address activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking statements involve a number of risks and uncertainties both known and unknown. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information or otherwise, except as may be required under applicable securities laws.
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