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Ascot Resources and Nisga’a Nation Sign Benefits Agreement for the Red Mountain Gold Project

by ahnationtalk on April 12, 201954 Views

Vancouver, B.C. – April 10, 2019 – Ascot Resources Ltd. (TSX.V:AOT, OTCQX:AOTVF) (“Ascot or the Company”) and Nisga’a Nation are pleased to announce that they have entered into a Benefits Agreement (the “Agreement”) through Ascot’s wholly-owned subsidiary IDM Mining Ltd. for the Red Mountain Underground Gold Project (“Red Mountain” or the “Project”), located within the Nass Area, approximately 15 kilometers northeast of Stewart, BC.  The comprehensive Agreement sets the basis for a long-term success of the Project, which will benefit Nisga’a Nation, its citizens, and businesses as well as the shareholders, management and employees of Ascot Resources.  The Nisga’a Nation has rights and interests as set out under the Nisga’a Final Agreement with Canada and British Columbia, encompassing the entirety of the Red Mountain Project site.

Under the terms of the Agreement, Nisga’a Nation will provide ongoing support and continued consultation for the development and future operations of an underground gold mine at Red Mountain, emphasizing respect for the land, protection of the environment, and understanding of cultural use and knowledge as well as health and safety, on and off the worksite.  The Nisga’a Nation will participate in the economic benefits of the Project, particularly through training, employment, business opportunities and financial payments prior to and during future operations.

“This Agreement sets a comprehensive structure to collaborate through the development and mining at Red Mountain, along with certainty for the proponent,” said Eva Clayton, President of Nisga’a Lisims Government.  “Our Nation will participate in the financial benefits and future success of the Project, which will be tied to development milestones and mineral taxes paid during production.  We look forward to continue to build mining as an important industry within the Nass Area.”

“The rights under our Treaty, the obligations of this Agreement, and our commitment to stewardship of the Land and Nisga’a citizens have set the Red Mountain Project to be a safe, prosperous, and responsible mining operation,” said Corinne McKay, Secretary-Treasurer of Nisga’a Lisims Government.  “We will work closely with the Company to ensure that they carry out the obligations we have agreed upon.”

“Nisga’a citizens employed by IDM have been the heartbeat of Red Mountain over the past few years,” said Brian Tait, Chair of Nisga’a Lisims Government.  “Our people have worked on the drills, in the camp, in the mine and everywhere on the Project through exploration, engineering, and regulatory efforts.  We look forward to growing our participation through construction and operations at Red Mountain which will provide sustainable and transferable careers and business opportunities for Nisga’a citizens.”

“The Company’s relationship with Nisga’a Nation truly started on the Land: at Red Mountain with our Waks and Gimxdii operating safely and efficiently in a challenging environment, finding and defining the gold in the ground,” said Rob McLeod, former President & CEO of IDM Mining and Advisor to Ascot.  “Our relationship has culminated with approval by the Officers of the Nisga’a Nation and the Executive of Nisga’a Lisims Government, resulting in a fair and comprehensive Agreement that will advance Red Mountain, provide opportunities to Nisga’a citizens and benefit my hometown of Stewart, BC.  I am very proud of this accomplishment.”

Derek White, President & CEO of Ascot, commented: “I look forward to working with Nisga’a Nation through the implementation of the Agreement as we advance the high-grade Red Mountain Project. Our shareholders will benefit through a long and successful relationship. Ascot would like to acknowledge the efforts of Kristy Emery with Catana Consulting and former IDM Director, David Parker, for their collaborative efforts drafting the Benefits Agreement. We look forward to developing an additional potential Benefits Agreement for our Premier and Big Missouri Projects, also located within the Nass Area.”

Highlights of the Agreement include:

  • Cash payments tied to permitting, project financing, and production milestones, as well as annual funding during production as a percentage of Provincial Mineral Tax
  • Training and Employment Committee to provide pre-employment training, advancement training, local sourcing, and establish success-based initiatives
  • Business Opportunities Committee to identify and plan for requirements, build capacity, facilitate subcontracting, and manage direct-award contracts
  • Working collaboratively to implement environmental management plans and requirements under the Project’s provincial Environmental Assessment Certificate and federal environmental approval, with special emphasis on tailings, waste rock and water discharge
  • Establish a management-level Implementation Committee with Agreement implantation mandate
  • Ongoing consultation for future work, permitting, and other regulatory approvals that may be required

About Red Mountain

The 17,125 hectare Red Mountain Gold Project is located in northwestern BC, 15 km northeast of the mining town of Stewart.  Located near a paved highway and grid power, Ascot envisions bulk underground mining methods, with gold-silver doré produced on site. The Project is one of the most advanced gold projects in Canada. It received its provincial Environmental Assessment Certificate in October 2018 and its federal environmental approval in January 2019.  Mineral resources for the Red Mountain Project are reported at a 3.0 g/t Au cut-off with an effective date of June 15, 2018 are as follows:

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