Stillwater Canada, Inc. Announces Voluntary Agreement to Harmonize Environmental Assessment Process
THUNDER BAY, ON -- (Marketwire) -- 04/15/11 -- Stillwater Canada, Inc., a wholly-owned subsidiary of Stillwater Mining Company ('Stillwater') (NYSE: SWC), announced today that it has entered into a voluntary agreement (the 'Voluntary Agreement') with the Ontario Ministry of Environment to have the Marathon PGM-Copper Project be subject to the Ontario Environmental Assessment Act (EAA).
Background
In the Province of Ontario, ancillary activities associated with the development of a mine, such as establishment of transmission corridors and disposition of Crown lands, are subject to the provincial Environmental Assessment Act (EAA), while private mining development projects that trigger the Federal Environmental Assessment Act are reviewed by the Canadian government. In October 2010, Canada's Environment Minister made the decision to refer assessment of Stillwater's proposed Marathon PGM-Copper Project to an independent Federal Review Panel. Following that decision, Stillwater requested that consideration be given to establishing a joint federal/provincial review panel in order to ensure the continuity and coordination of all assessment activities related to the Marathon project. In moving forward with a voluntary harmonization agreement, Stillwater is hopeful that the harmonized review will reduce duplication and permitting delays while improving the overall process from a consultation and disclosure perspective. This is in keeping with Stillwater's corporate culture of transparency and its proactive approach to environmentally and socially responsible development.
In preparation for the environmental assessment, Stillwater Canada Inc. and its predecessors have gathered extensive baseline information dealing with the natural environment and social and cultural background around the project area. These baseline studies have been underway since 2001 and supplemented and updated further starting in 2007. The baseline program includes research related to climate and meteorology, air quality, noise, geology, soils, wildlife, vegetation, groundwater, surface water, fish and fish habitat, socioeconomics, land use, and cultural and traditional knowledge. Analysis and computer modeling by environmental, engineering and consulting firms are currently underway to assess the cultural and environmental effects of all phases of the mine's life cycle from construction through operation and closure. Additionally, Stillwater Canada Inc. is committed to consulting and working with aboriginal groups, local communities, federal and provincial government representatives and the public-at-large in order to move the project forward in a constructive and proactive manner.
Project Details
Details and updates for the Marathon PGM-Copper Project can be viewed online at www.marathonpgmproject.com and questions can be emailed to comments@marathonpgmproject.com. The Canadian Environmental Assessment Agency and the Ministry of Environment have posted the draft Harmonization Order, the Joint Review Panel Agreement, the Voluntary Agreement and the draft Guidelines for Preparation of an Environmental Impact Statement on their registries. These documents were posted on March 25, 2011, and are available for public review and input. The online registry for the Ministry of Environment can be viewed at www.ebr.gov.on.ca. using the project registry number 011-2773. The Canadian Environmental Assessment Agency site can be viewed at www.ceaa.gc.ca using the project reference number is 10-05-54755.
About Stillwater:
Stillwater Canada, Inc. is a wholly-owned subsidiary of Stillwater Mining Company, the only U.S. producer of palladium and platinum and the largest primary producer of platinum group metals outside of the Republic of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining Company can be found at its website, www.stillwatermining.com and information on the Marathon PGM-Copper Project can be found at www.marathonpgmproject.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain 'forward-looking statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and 'forward-looking information' within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as 'plan,' 'expect,' 'project,' 'intend,' 'believe,' 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements and forward-looking information in this news release include statements with respect to the receipt of all necessary regulatory approvals and future production activities at the Marathon PGM-Copper Project.
Forward-looking statements are based on certain assumptions, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. The assumptions include that regulatory reviews and approvals will proceed in a timely and orderly manner, and that no material adverse change occurs to either Marathon or Stillwater. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality include unanticipated delays in completing regulatory reviews, adverse regulatory findings in conjunction with the reviews and other unexpected material adverse changes. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.