Emgold Mining Corp

Published : March 09th, 2011

Announces Idaho-Maryland Project Update

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Wednesday, March 09, 2011

TSX Venture Exchange: EMR
Other OTC: EGMCF
Frankfurt Stock Exchange: EML
U.S. 20-F Registration: 000-51411

Emgold Announces Idaho-Maryland Project Update

Project Overview

Emgold Mining Corporation (Emgold or the Company) provides the following update on its Idaho-Maryland Project (Project), located in Grass Valley, California. The Idaho-Maryland Mine was once the second largest underground gold mine in California and is reported to have produced 2.4 million ounces of gold at an average recovered grade of 0.43 ounce per ton. The mine contains a NI 43-101 compliant measured and indicated resource of 472,000 ounces of gold at a grade of 0.28 ounces per ton and an inferred resource of 1,002,000 ounces of gold at a grade of 0.39 ounce per ton, estimated as of March 1, 2007 (see Emgold's NI 43-101 compliant Technical Report titled "Idaho-Maryland Mine Project" dated December 8, 2009 at www.emgold.com or, filed under the Company's profile at www.sedar.com). A detailed summary of the Idaho-Maryland Project is available at www.emgold.com and www.idaho-maryland.com.

Permitting Status

Emgold is in the advanced stage of permitting the re-opening of the mine and is completing an Environmental Impact Report (EIR) for the Project through its 100% owned subsidiary, Idaho-Maryland Mining Corporation (IMMC). The preparation of the EIR commenced in July 2007 in accordance with the California Environmental Quality Act (CEQA). A Draft EIR was completed in October 2008 by the City of Grass Valley (City), the CEQA lead agency, and its consultant Environmental Science Associates (ESA) and the public comment period for the Draft EIR was completed in January 2009. The Draft EIR indicated that of the 15 areas evaluated, the Company was successfully able to avoid or mitigate potential environmental impacts of the Project in all areas, but one. This is a major accomplishment for any mining and/or industrial project, regardless of the jurisdiction.

After reviewing the Draft EIR, meeting with various government agencies to review their comments, reviewing public comments from the Draft EIR obtained during the public comment period (letters and public meetings), and obtaining input from the local community through IMMC's community outreach program, IMMC elected in mid-2009 to clarify and amplify the project design contained in Project Applications to further mitigate and/or eliminate potential environmental impacts of the Project identified in the Draft EIR. As the air quality analysis in that document identified certain impacts to be potentially significant, the primary focus of this work was to lessen potential air quality impacts from oxides of nitrogen, random organic gases, respirable dust (PM10), and greenhouse gas emissions. The project description revisions in the Project Applications reflect the goal of Emgold and IMMC to ensure the Idaho-Maryland Mine Project is a socially and environmentally responsible project that will benefit the City, Nevada County, the local communities, and our shareholders.

IMMC has completed significant work on air quality modeling for the Project and alternatives to address the air quality impacts outlined in the Draft EIR. Modeling done by IMMC's air quality experts has significantly reduced oxides of nitrogen, reactive organic gases, and respirable particulate matter from previous estimates contained in the Draft EIR. IMMC's proposed measures taken to accomplish these reductions include, but are not limited to, use of a Traffic Management Plan (e.g., van-pooling and car-pooling) to reduce employee traffic trips and associated air emissions, use of low NOX burners for combustion of natural gas, use of emulsion explosives, use of higher tier engines for off road underground and surface equipment, and use of shaft hoisting instead of trucking for material handling of ore and development rock.

IMMC expects to submit revised Project Application documents to the City in April, 2011. Based on CEQA guidelines, after review of the project design modifications reflected in the Application documents, the City may determine that a Revised Draft EIR is required for the project and circulate it for public comment. Alternatively, the City may elect to proceed with preparation of the Final EIR. IMMC anticipates a Revised Draft EIR will be required and has been proceeding on this basis since mid-2009.

The Final EIR will be prepared by the City and its consultant. The Grass Valley Planning Commission will review the Final EIR and entitlements for the Project, make a determination if the documents are complete and adequate, and forward the package to the Grass Valley City Council. The City Council will be responsible for Certification of the Final EIR, approving the entitlements, and approving a Conditional Use Permit for the Project. It is anticipated that the Final EIR can be completed in 2011.

David Watkinson, President and CEO of Emgold stated, "Emgold is busy on a number of fronts with the Idaho-Maryland Project and our other exploration properties located in Nevada and British Columbia. Our main focus is the Idaho-Maryland Project, and we have made a number of improvements and ensured that input from the public is incorporated into the project changes. We are excited to start moving forward again in the public domain with the Idaho-Maryland Project in anticipation of completing the California Environmental Quality Act (CEQA) process to allow us to advance the development of the Idaho-Maryland Mine."

In addition, Watkinson also stated, "The Idaho-Maryland Project is expected to result in 400 permanent jobs the Grass Valley and Nevada County area. The unemployment rate for Nevada County currently stands at 11.2% (January 21, 2011 California EDD Report, Preliminary numbers for December, 2010). The Grass Valley Mining District was once a major gold mining district in the U.S., and the mines within a three mile radius of the Idaho-Maryland Project are reported to have produced over 13 million ounces of gold between roughly 1850 and 1956. The mines shut down in 1956 due to the fixed price of gold by the U.S. government at US$35.00 per ounce and rising labor and supply costs after WWII. Emgold management believes the Idaho-Maryland Project is a world class gold deposit, and its development will positively impact the local and state economies."

The Gold Mining Industry in California

The years 2007 and 2009 saw the reopening of New Gold Inc.'s Mesquite Mine and ATNA's Briggs Mine respectively, both located in California. Gold production in California, which had decreased from 553,000 ounces per year in 2000, has now rebounded from a low of 19,400 ounces per year in 2007 to 161,400 ounces per year in 2009 (See Table 1). Other advanced stage gold projects in the permitting process in California include Sutter Gold Mining Corporation's Lincoln Project and Golden Queen Mining Company's Soledad Mountain Project.

Table 1
Recent Gold Production in California Years 2000 to 2009

Year

Ounces of Gold Produced

2000

553,000

2001

452,500

2002

306,300

2003

141,000

2004

95,700

2005

65,300

2006

21,600

2007

19,400

2008

119,300

2009

161,400

Sources: State of California Non-Fuel Mineral Production Reports, 2001 to 2008.
                Northwest Mining Association, Gold Production by State, Updated Aug 2010.


Watkinson stated, "As outlined in recent articles in the New York Times and Washington Post referencing the Idaho-Maryland Project, the idea of a California Gold Rush is a thing of the past, despite the current high gold price per ounce. The average time to permit a mine anywhere in the U.S., including Nevada is currently in excess of 7 years. Despite this, we should see a steady increase in gold production in California over the next few years as a variety of projects work their way through the permitting process. With an unemployment rate of 12.5% in California (Source: U.S. Department of Labor Statistic, Preliminary Numbers, December 2010), the gold mining industry in California could achieve a 500,000 ounce per year production rate again within the next decade. This would represent about US$700 million input per year for the California economy at the current gold price of about US$1,400 per ounce. In 2008, California's non-fuel mineral production, which includes gold, was US$4.0 billion. This included 717 active mines and directly employed about 10,000 people at the mines and their processing plants (Source, California Non-Fuel Production, 2008, USGS). According to the United States Bureau of Economic Analysis, California's Gross Domestic Product ("GDP") for mining in 2009 was $15 billion while Nevada's GDP for mining in 2009 was only $4.3 billion. We believe that California is a good place to develop a gold mine and do profitable and responsible business."

Information in this news release that is of a scientific or technical nature was prepared by Mr. Robert Pease, Professional Geologist (California), Chief Geologist of the Company. For more information about Emgold, the Idaho-Maryland Gold Project and the Buckskin Rawhide, Stewart, and Rozan Properties, please visit www.emgold.com.

On behalf of the Board of Directors
David G. Watkinson, P.Eng.

President & CEO

For further information please contact:
Tel: 604-687-4622 Toll Free: 1-888-267-1400
Email: info@emgold.com


This release was prepared by the Company's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address the mineral resource estimates, are forward-looking statements and are based on a number of assumptions, including but not limited to the assumptions underlying the estimated resources outlined in the Technical Report are and remain valid, that the demand for and price of gold remains constant or increases and does not experience a material decline, and that the Company will be able to raise the capital required to hold and develop the Idaho-Maryland Project. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include changes the price of gold, the price of the company's shares, the costs of labour, equipment and other costs associated with exploration, development and mining operations, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.emgold.com.
  |  

Emgold Mining Corp

PRODUCER
CODE : EMR.V
ISIN : CA2909283087
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Emgold Mining is a gold development stage company based in Canada.

Emgold Mining holds various exploration projects in Canada.

Its main assets in production are IDAHO-MARYLAND in USA and ROZAN in Canada and its main exploration properties are JAZZ, STEWART and BUCKSKIN RAWHIDE in Canada.

Emgold Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 20.7 millions as of today (US$ 16.6 millions, € 14.5 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.90, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Emgold Mining has 79 710 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Emgold Mining Corp
2/1/2013Provides Properties Update and Closes CDN $285,000 Private P...
4/7/2010Closes First Tranche Of Private Placement Financing
10/22/2007Completes $8 Million Private Placement Financing
6/9/2007Announces $10,000,000 Brokered Private Placement
Option Grants of Emgold Mining Corp
5/8/2012Grants Options Moves To OTCQB Status
Nominations of Emgold Mining Corp
8/21/2013Announces Change In Directors
5/11/2010Appoints New Chief Executive Officer
4/7/2008 Announces The Appointment Of Chief Financial Officer
11/1/2007Announces The Appointment Of President And Chief Operating O...
Project news of Emgold Mining Corp
6/17/2013(Buckskin Rawhide)Drilling to Commence on Emgold's Buckskin Rawhide East Prope...
4/8/2013(Stewart)Discovers New Gold Zone at its Stewart Property, B.C.
9/7/2012(Idaho-maryland)Idaho-Maryland Project Update
8/28/2012(Rozan)Commences 2012 Exploration Program Rozan Property, B.C.
2/15/2012Doubles Size of its Koegel Rawhide Gold-Silver Property, Nev...
2/6/2012(Buckskin Rawhide)Completes Acquisition and Expands its Buckskin Rawhide Gold ...
2/1/2012(Stewart)Announces Successful Results from its 2011 Core Drilling Pro...
1/30/2012(Buckskin Rawhide)s Gold Exploration Activities at its Buckskin Rawhide Proper...
1/25/2012(Rozan)Announces Successful Results 2011 Exploration Program Rozan ...
6/16/2011(Idaho-maryland)Advances Idaho-Maryland Gold Mine Permitting
4/11/2011(Idaho-maryland)Moves Forward with Idaho-Maryland Project Permitting
4/11/2011(Buckskin Rawhide)Expands Claim Position at its Buckskin Rawhide Gold-Silver P...
3/25/2011(Stewart)Announces Upcoming 2011 Field Exploration and Drilling Progr...
3/9/2011(Idaho-maryland)Announces Idaho-Maryland Project Update
1/12/2011(Buckskin Rawhide)Finds High Grade Gold at its Buckskin Rawhide Property, Neva...
7/23/2010(Idaho-maryland)Extends Lease And Option To Purchase Agreement For The Idaho...
1/7/2008(Idaho-maryland Mine)Achieves Important Milestone In Gold Mine Permit Application
11/16/2007(Stewart Property) Discovers Additional Tungsten Mineralization In Trenches At...
6/26/2007Achieves Important Permitting Milestone For Idaho-Maryland M...
Corporate news of Emgold Mining Corp
11/29/2013Announces Annual General Meeting and Special Meeting Results
9/4/2013Raises US$450,000 Through Real Estate Transaction
1/30/2013(Buckskin Rawhide)Announces Non-Brokered Private Placement Provides Update on ...
1/28/2013(Rozan)Intersects Gold at its Rozan Property, B.C.
9/10/2012Warrants Exercised
8/17/2012Completes Re-Pricing and Extension of Warrants
7/18/2012to Re-Price and Extend Existing Warrants Offers Early Conver...
5/1/2012Retains Vanguard Shareholder Solutions for Investor Relation...
3/28/2012Identifies Gold Target at its Koegel Rawhide Gold-Silver Pro...
2/27/2012Finds High Grade Gold at its Recently Acquired Koegel Rawhid...
4/20/2011(Buckskin Rawhide)Finds More High Grade Gold And Silver at its Buckskin Rawhid...
8/7/2010Converts Series A Preference Shares And Accrued Dividends To...
9/23/2009Annual And Special Meeting
9/29/2008Presents The Idaho-Maryland Project Overview
9/21/2008Shareholder Update
2/6/2008 Receives Recent Coverage By Smartstox.Com
11/28/2007Completes Drilling On Its Molybdenum, Tungsten And Gold Prop...
8/1/2007Takes New Direction
4/11/2007Additional Exploration Targets At Idaho-Maryland Gold Mine
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (EMR.V)FRANKFURT (EML.F)
0.260-3.70%0.193+1.05%
TSX-V
CA$ 0.260
08/12 16:05 -0.010
-3.7%
Prev close Open
0.270 0.260
Low High
0.260 0.260
Year l/h YTD var.
0.015 -  0.290 642.86%
52 week l/h 52 week var.
0.015 -  0.290 372.73%
Volume 1 month var.
10,000 -7.14%
24hGold TrendPower© : 16
Produces Gold
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/25/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022271.43%
2021-12.50%0.090.06
202023.08%0.160.03
2019-31.58%0.200.05
2018-44.12%0.220.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.16+0.56%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.35-4.86%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.37+2.43%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+0.51%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.70+0.75%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.35+3.09%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-11.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.36+26.79%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08+3.48%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.55+1.69%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :