WHITE SULPHUR SPRINGS, Mont., Sept.19, 2017(GLOBE NEWSWIRE) -- Tintina Resources, Inc. (TSX.V:TAU) (OTCQB:TINTF) ("Tintina" or the "Company") is pleased to announce that it has received a draft operating permit from the Montana Department of Environmental Quality ("MT DEQ") Hard Rock Mining Bureau. This draft permit formally concludes the Completeness & Compliance review and signifies commencement of the Environmental Impact Statement ("EIS"). The MT DEQ is finalizing the selection of an independent third-party contractor to prepare a comprehensive EIS which will include all procedural and substantive elements of the Montana Environmental Policy Act. The EIS is expected to take approximately one year to complete.
In addition to the draft operating permit, the Montana Public Service Commission on September 1, 2017 approved an agreement between Fergus Electric Cooperative and NorthWestern Energy to provide power to the Black Butte Copper project. Fergus Electric will construct a new 100-kV transmission line and substation which will draw from an existing NorthWestern transmission facility. Under the terms of the agreement, Tintina will be responsible for the total cost of construction of the new power transmission line.
The proposed underground mine is designed to provide economic opportunity to Central Montana while fully protecting the Smith River Watershed. A summary of the Mine Operating Permit Application can be found on our website www.tintinaresources.com in the transparency library along with a 3D animation of the planned project showing what the site will look like during mining operations and after full site reclamation.
The Black Butte Copper Project will be a major contributor to the economy of Central Montana and entire state. The direct payroll alone will be in excess $12 million per year.Based on the current price of copper of around $3.00/lb., the Black Butte Project will enhance Meagher County and the State of Montana's tax base by paying taxes of over $6 million per year through the Metals Mines Tax, Gross Proceeds Tax, and Montana Corporate Tax; Meagher County alone will receive $3 million per year from these taxes. Another $8 million will be paid in federal corporate taxes. In addition, all-important business equipment taxes paid by the Company, personal income tax paid by an estimated 240 employees, and additional contractor pay and input cost will greatly help the Montana economy.
Jerry Zieg, Senior VP shared, "The granting of the draft permit acknowledges that through our mine design we have de-risked all possible environmental impacts, a significant achievement we are very proud of.In addition, the power transmission line could potentially form a significant infrastructure upgrade to our community of White Sulphur Springs and will the increase the tax base."
John Shanahan, CEO stated, "The support we continue to receive from businesses and rural communities in Montana has been outstanding. We remain 100% committed to bringing this extraordinary project to fruition while meeting our very clear commitment to environmental stewardship. Exhaustive technical studies to date show we can operate in an environmentally sounds way while protecting our environment. We can and will do this while providing important economic opportunities for Montana."
Tintina Resources, Inc.
Nancy Schlepp, Director of Public Affairs
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute "forward looking information" within the meaning of Canadian securities legislation, including statements regarding the Company's plans for advancing the Black Butte Copper Project, including plans for tailings and water management and the MOP application and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company's plans for tailings and water management will be implemented as expected and will have the intended benefits and that the results of exploration and development activities are consistent with management's expectations.However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors relating to Tintina's operation as a mineral exploration and development company and the Black Butte Copper Project that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management's expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities and the operation of a producing mine.There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. Tintina does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Certain disclosures in this document constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation.