Ressources Appalaches Inc. Proceeds on the Path to Gold Production
14.05.2013 | Marketwire
RIMOUSKI, May 14, 2013 - Ressources Appalaches (TSX VENTURE:APP) reports that it is proceeding on the path to gold production with the loan financing of US $10 M secured. Mobilisation activities for the dewatering of the underground galleries have commenced with the intent of starting dewatering in the coming week followed by underground mapping of existing galleries and underground systematic sampling.The second financing tranche of US $7.5 M (see press releases of May 08, 2013) will be advanced upon certain specific conditions being satisfied, namely an updated technical report of the Dufferin Mine including the detailed mine plan and obtaining the remaining production approval with respect thereto within the next 9 months.
Message from the President and CEO
Alain Hupé states: "This loan financing provides the necessary funds to restart gold production with existing milling, underground workings and support infrastructure for 300 tonnes per day (TPD). We are confident that we will be able to operate at a low all-in cost per ounce.
Our confidence is based on the fact that there is no significant capital expenditure required to restart gold production and that the access to the mineralised zone is by decline with no requirement for shaft construction and complex extraction requirements.
Our primary expansion objective from 300 tonnes per day (TPD) operations is to increase the geological potential of the gold deposit while maximising milling capacity of the existing 1,000 TPD primary crushing unit."
Production Approval Application Progress
The production permit (officially referred to as an Industrial Approval) is the only remaining pending permit required in order to resume gold production at Dufferin Mine.
During the course of the past few months The Company has completed the Tailings Management Plan which includes anticipated expansion needs for 600 to 900TPD tailings storage requirement. The Company also completed studies and overhauled the Reclamation Plan and has advanced the mine planning activities. These plans have been completed with the involvement and validation from independent mining expertise.
The Company has included these studies with the production permit application preparations and anticipate submitting the application for the production permit to the Government Authorities of Nova Scotia within the next 7-10 days.
About Ressources Appalaches
Since it was created in 1994, the goal of Ressources Appalaches has been to discover and develop deposits of base and precious metals in Canada with an expertise targeted towards the Appalachian geological formation in Québec and Nova Scotia. The Company is mainly focused on the exploration and development of the Dufferin Gold Mine in Nova Scotia.
Photos of the Dufferin Mine and tis facilities are available on the Company's website at: www.ressourcesapplaches.com.
The contents of this press release were prepared and reviewed by Alain Hupé, Eng. A Qualified Person as defined in NI 43-101. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking statements that include elements of risk and uncertainty. Consequently, actual results may differ substantially from those anticipated in such statements. These risks and uncertainties are described in the quarterly and annual reports, and in the documents submitted to the securities administration.
Contact
Ressources Appalaches Inc.
Alain Hupe, Eng., President
418-724-0901
Jean-Claude Morel, Executive Vice-President
418-724-0901
info@ressourcesappalaches.com