DENVER–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American: GORO) (the “Company”) has been invited by the Michigan Department of Environment, Great Lakes and Energy (“EGLE”) to participate in a Environmental Impact Assessment (“SEIA”) on August 5, 2022. The Company will have the opportunity to present the initial site plan1 and other key improvements incorporated into the Back Forty Project Optimized Feasibility Study. Another key objective of the meeting is for EGLE and key stakeholders to discuss the permitting process and related requirements of the Back Forty project.
Allen Palmiere, President and CEO, said, “This is a fantastic opportunity to showcase our initial site plans.1 to key community stakeholders, especially tribal communities. Although the initial site plans took into consideration the historical concerns expressed, we are interested in learning about any other concerns that may arise during the assessment. Our priorities while advancing the Back Forty Project feasibility study and licensing initiatives are focused on positively impacting our environmental, social and governance programs while identifying economic and operational efficiencies.
Steve Donohue, Vice President, Environmental and Regulatory Affairs (Michigan), will represent the company at SEIA. The image gallery and enhancements listed below describe the materials to be presented at the SEIA meeting.
The optimized initial site plan highlights the following project improvements over the 2018 project:
Combined surface and underground mine
The pit is smaller and removed from Menominee River and River Road
Installing filtered tailings (dry stack) eliminates the traditional tailings dam and therefore the need for a dam safety permit; streamlines water management of the tailings management facility, including at closure.
Addresses the Administrative Law Judge’s decision regarding the analysis of alternatives (2019 Wetland Permit Disputed Case)
Eliminates a waste storage facility near neighboring properties and wetlands
Reduced impacts of dredging and infilling of wetlands (now less than 2 acres)
Reduction of visual intrusion on the Menominee River and identification of cultural resources.
Revised initial mine plan consists of a smaller open pit and incorporates underground mining1. The open pit mine is farther from the Menominee River and does not cross River Road. The underground mine does not pass under the Menominee River.
Here is the list of planned permit applications that will be filed after the publication of the feasibility study:
Part 632 Mining Permit Application
Part 632 Environmental Impact Assessment
Air permit application (installation permit)
Modification of the NPDES permit
Part 301/303 Wetland Permit Application
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations centered on the Don David Gold Mine in Oaxaca, Mexico. Led by an experienced board of directors and management team, the company’s goal is to unlock the significant growth potential of its existing infrastructure and extensive land surrounding the mine in Oaxaca, Mexico. , and to develop the Back Forty project in Michigan, USA. For more information, please visit the GRC website, located at www.goldresourcecorp.com and read the company’s Form 10-K to understand the risk factors associated with its business.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company participation in the SEIA, anticipated permit applications, and development expectations in the optimized initial site plan, including pit size and location, use of a screened tailings facility, reducing impact on wetlands and reducing visual intrusion on the Menominee River and identified cultural resources. These statements are subject to risks and uncertainties, including changes that may be made during the preparation of the feasibility study or as part of the permitting process, changes in the interpretation of geological, geostatistical, metallurgical, mining or processing, and interpretations of information resulting from exploration, analysis or mining and processing experience. The Company assumes no obligation to update this information. Additional risks relating to the Company can be found in periodic and ongoing reports filed with the SEC by the Company, including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Caution regarding the feasibility study
The Company uses the term “feasibility study” to designate the technical-economic study that it prepares for the Back Forty project. In order to qualify as a “feasibility study” within the meaning of SK 1300 subpart 1300 (“SK 1300”), the study must meet certain requirements, including, for example, that the estimates of operating and investment costs in the study must, at a minimum, have a level of precision of approximately ± 25% and a contingency range not exceeding 15%. As the Company has not yet completed its analysis for the proposed study, there can be no assurance that the study, when completed, will meet the definition of a “feasibility study” as defined in SK 1300.
1 The initial site plan, including mine plan and process flow diagram, is subject to change as feasibility study work continues with the Back Forty project team and qualified professionals. In addition, the final construction decision is subject to the approval of the Company’s Board of Directors.