VANCOUVER, British Columbia, March 26, 2018 (GLOBE NEWSWIRE) -- Arizona Mining Inc. (TSX:AZ) (“Arizona Mining” or the “Company”) announces that it has received all required permits and notices for twin exploration declines at the Taylor zinc-lead-silver project located on its 100%-owned Hermosa Project in Santa Cruz County, Arizona.
Don Taylor, Chief Operating Officer, stated: “Earlier access to key platforms from underground allows for lower cost infill and expansion drilling, as well as further testing of the high-grade Trench Vein System, all of which we expect to add significant value to this world-class project.”
“Having the ability to start the declines four months ahead of plan is a major step for the project and keeps us solidly on track for our development schedule,” added Jim Gowans, President & CEO. “We are very appreciative of the comprehensive interaction with the state regulators and the support of the Governor of Arizona in achieving this important milestone. We look forward to continuing to work with them to bring employment and other benefits to Santa Cruz County from advancing the Taylor Project.”
Arizona Governor Doug Ducey commented: "I am pleased to see Arizona Mining's commitment to work with the appropriate state agencies to ensure compliance with all applicable laws and provide job opportunities in Arizona. Mining has a rich tradition in our state, and this project stands to diversify this highly competitive sector.”
In keeping with best practices and safety protocols, the declines will be comprised of dual 18 by 18-foot ramps into the resource, each approximately 8,200 feet in length. The project has a scheduled completion date of the first quarter of 2020.
“The portal preparation for the declines will take approximately three months to complete at a cost of US$4 million,” said Tom Whelan, Chief Financial Officer. “This earlier than expected approval to proceed does not change our plans to provide a comprehensive financing strategy to fund the overall capital cost of the project after we receive the results of our Feasibility Study in the third quarter of 2018.”
About Arizona Mining
Arizona Mining Inc. (an augustagroup company) is a mineral exploration and development company focused on the exploration and development of its 100%-owned Hermosa Project located in Santa Cruz County, Arizona. The Taylor Deposit, a zinc-lead-silver carbonate replacement deposit, has a resource of 15.2 million tons in the Measured Mineral Resource category grading 4.0% zinc, 4.0% lead and 1.6 opt silver, or 9.6% ZnEq, plus 85.8 million tons in the Indicated Mineral Resource category grading 4.2% zinc, 4.3% lead and 2.2 opt silver, or 10.5% ZnEq, and 43.6 million tons of Inferred Mineral Resources grading 3.9% zinc, 4.8% lead and 3.4 opt silver or 11.9% ZnEq, all reported in accordance with NI 43-101 guidelines utilizing a 4% ZnEq cutoff grade.. The Taylor Deposit remains open to the north, west and south over land controlled by the Company and will be aggressively drilled to test the limits of the resource. The Company’s other project on the Hermosa property is the Central Deposit, a silver-manganese manto oxide project.
For additional information please contact:
Jerrold Annett
Senior Vice President, Corporate Development
Telephone: 416-366-5678 ext. 207
Email: jannett@arizonamining.com
Susan Muir
Vice President, Investor Relations & Corporate Communications
Telephone: 416-366-5678 ext. 202
Email: smuir@arizonamining.com
Cautionary Note Regarding Forward-Looking Information
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company’s intentions for its Hermosa Project in Arizona, including, without limitation, the exploration declines, performing additional drilling, a resource update, permitting and a feasibility study on the Taylor Deposit. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Arizona Mining, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Arizona Mining's management's discussion and analysis for the year ended December 31, 2016 ("MD&A"). Arizona Mining cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of zinc, lead, silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.
Although Arizona Mining has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Arizona Mining disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.