THEMAC RESOURCES GROUP LTD RESPONDS TO UNEXPECTED STATE AGENCY ORDERPosted: 04/09/2020 | Posted By: News Resource/Publisher
THEMAC RESOURCES GROUP LTD RESPONDS TO UNEXPECTED STATE AGENCY ORDER
VANCOUVER, BRITISH COLUMBIA – (April 9, 2020) - THEMAC Resources Group Limited (TSX VENTURE:MAC) (“THEMAC” or the “Company”) announces that the Director of the New Mexico Mining and Minerals Division (MMD) on March 31, 2020, issued an Order rescinding an earlier notice of technical approvability of the Copper Flat Permit Application Package for a mining permit under Part 6 of the New Mexico Mining Act and reopening Department review of the Copper Flat application. The MMD Order is based on uncertainty about obtaining sufficient water rights to fully implement the plan for Copper Flat and reopens the permit review process to consideration of the Company’s demonstration that sufficient water rights have been fully acquired and approved, including water necessary for reclamation and river depletion offsets, demonstration that the Company has obtained or is likely to obtain a dam safety permit for the tailings storage facility, and demonstration that estimated reclamation costs include water needed to accomplish the pit reclamation plan. The MMD Order includes a notice of Company’s right to petition for an administrative review. The Company is currently reviewing the specifics of the Order to determine a response.
“We are surprised and disappointed in the change of course taken in the Director’s Order. In 2018, the Director of the MMD formally concluded that the Company’s application was technically approvable, and we strongly believe there have been no changes in circumstances that would justify this recent action. We have acknowledged every step of the way what still requires attention prior to permit issuance, and we remain committed to addressing those aspects. A greener, healthier and more sustainable future relies on the use of copper and we believe that Copper Flat Mine will play an important role in the supply of this critical material while protecting the environment and providing important economic benefits to the local community” said Andrew Maloney, Chief Executive Officer of THEMAC.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team and as of May 18, 2011, a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are continuing to advance the closed copper mine, Copper Flat, in Sierra County, New Mexico, toward production with innovation and a sustainable approach to mining development and production, local economic opportunities, and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 79,400,122 common shares (fully diluted share capital 93,064,866).
For more information please visit www.themacresourcesgroup.com or review the Company’s filings on SEDAR (www.sedar.com).
For further information contact:
THEMAC Resources Group Limited
Chief Executive Officer