The Company is currently finalizing a construction contract for the commencement of surface earthworks after the company secures the Phase I bond amount
Sandfire Resources America Inc. (“Sandfire America” or the “Company” TSX.V: SFR and OTCQB: SRAFF) provides the following update on its Black Butte Copper underground mining project in Montana, USA.
The Company is pleased to announce that on May 19, 2020, the Montana Department of Environmental Quality (MT DEQ) issued a Phase I bonding number establishing a bond of $4.65 million for the Black Butte Copper Project. The Company must secure this bond before commencing surface construction at the mine site.
The initial bond increment covers only Phase 1 surface construction of the mine site. A second bond increment must be calculated by the DEQ to cover Phase 2 development which includes further underground development, mill construction, and any activities involving beneficial water use.
Commencement of Stage One Surface Earthworks
The Company is currently finalizing a construction contract for the commencement of surface earthworks which are scheduled to commence this summer after the Company secures the Phase I bond amount.
Commenting on the achievement of this milestone, Sandfire America’s CEO and VP of Project Development, Rob Scargill, said: “We are proud to be part of the economic engine which will help us recover from the impacts and hardships we have all felt from the COVID-19 pandemic. Strength in the natural resources sector will help drive recovery across the economy, creating employment and opportunities for the people of Montana.
“This sets a clear path toward completing the Black Butte Feasibility Study and, subject to progressing project funding and making a positive Final Investment Decision, building a showcase mine that will combine local input and expertise with state-of-the-art technology.”
Sandfire America Senior Vice President, Jerry Zieg, stated, “We’re very pleased and look forward to being part of the solution to Montana’s economic revival by providing new jobs and new opportunities. Together with our stakeholders and community we have achieved a permit that protects our waterways and the environment which we all cherish and look forward to providing an important economic driver for our community and for Montana in these challenging times.
Source: Company Press Release