Tintina Resources CEO Bruce Hooper (left) and VP of Exploration Jerry Zieg (right) at the company's head office in White Sulphur Springs ,Montana - September 2015. CEO.CA photo
New Black Butte Copper Project 3D Video:
https://youtu.be/Sz8QKwyF40E
Tintina Resources’ Black Butte Copper Project near White Sulphur Springs, Montana continues to advance despite headwinds for the mining industry. This morning the company announced submission of a Mine Operating Permit application for its Johnny Lee deposit at Black Butte.
The copper project is one of the highest-grade and lowest-capital-intensity undeveloped projects in the world and is in an excellent mining jurisdiction albeit with heightened environmental scrutiny, Montana.
The Mine Operating Permit application is the result of four years and several million dollars worth of environmental baseline work. Tintina has elected to use cemented tailings, stored in both a double-lined tailings facility and underground, as well as an on-site reverse osmosis water treatment plan in order to address environmental concerns.
The application will be reviewed by Montana’s Department of Environmental Quality (DEQ) as part of a Completeness and Compliance review. Once signed off, an independent third party will be hired to complete an Environmental Impact Study. When that is complete, DEQ will grant its Record of Decision. Tintina expects the permitting process to take two years.
The Black Butte Copper Project’s Johnny Lee Deposit has a total Measured and Indicated resource of 15.66 million tonnes grading 3.4% copper, for 1.176 billion pounds of copper. Readers are encouraged to review the Updated Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana dated July 12, 2013 (the “PEA”), which is available on SEDAR, for additional information.
Tintina's cash position was $10.9 million at June 30, 2015. Tintina may look to raise an additional capital to see itself through permitting and maintain its community consultation efforts. A 2013 PEA outlines US$218 million in development capital being required to build the mine. When we visited Tintina in White Sulphur Springs in September 2015, management told us to expect a little inflation to that number before a construction decision is ultimately made.
The Black Butte Copper Project is prospective and underexplored but budgets are focused on permitting. Tintina will likely complete a Feasibility Study in 2017, and look to start construction in 2018 dependent on feasibility, financing and legal challenges. The mine could be operational in 2020.
ASX listed miner Sandfire Resources owns 57.2% of Tintina, with warrants to buy up to 68.5%, and is committed to the Black Butte Copper Project. In November 2015, Sandfire acquired an additional 21.2% of Tintina from Quantum Partners LP (George Soros) at a share price of 8.31 cents for approximately $4 million.
Tintina trades on the TSXV under the symbol TAU and last traded Tuesday at 6 cents. TAU has 222,492,510 shares outstanding not including warrants and options, for an approximate market cap of $13.35 million.
Electrum Strategic Resources LLC owns 14.4% of Tintina. Electrum raised an additional US $200 million in June 2015 to take advantage of market conditions, according to Reuters.
"We are building up a war chest, given what we think is a unique buying opportunity in the metals and mining industry," Electrum Chief Executive Officer Eric Vincent told Reuters.
Tintina also published an impressive new 3D video of the Black Butte Copper Project.
Here is a link to today's news release: Tintina Resources Submits Mine Operating Permit Application for the Black Butte Copper Project
Tintina Resources Submits Mine Operating Permit Application for the Black Butte Copper Project
Vancouver, BC – December 16, 2015 - Tintina Resources Inc. (“Tintina” or the “Company”) (TSX.V:“TAU”; OTCQX: “TINTF”) is pleased to announce submission of a Mine Operating Permit (“MOP”) application for the Johnny Lee copper deposit at its flagship Black Butte Copper Project to the Montana Department of Environmental Quality (“DEQ”). The application is a comprehensive document detailing the development plan for this high grade project while safeguarding the environment.
The MOP application includes detailed studies completed by third party consultants outlining a mining proposal for the Johnny Lee deposit including plans for underground, surface facilities, closure, and reclamation. The Company provides explanations of the proposal on its website (www.tintinaresources.com) along with a 3D animation of the planned project showing what the site will look like during mining operations as well as after reclamation. (https://youtu.be/Sz8QKwyF40E)
Tintina is proud to present a mine design which is based on thorough investigations and four years of high quality baseline studies. The Black Butte Copper project has the potential to be the largest employer in Meagher County and provide a significant economic boost to all of Montana, while effectively protecting the local watershed. The MOP application includes a Cemented Tailings Facility (“CTF”) design that is an innovative use of known technologies which, along with the a reverse osmosis water treatment plant, is designed to protect all surface and ground water by meeting Montana’s strict non-degradation water standards for industrial water use. Its small environmental footprint, location close to infrastructure, and a skilled local work force enhance the high quality of the project.
The MOP application will be vetted through a process of Completeness and Compliance with the Montana DEQ until the department deems the application complete and ready for an independent third party Environmental Impact Study.
Jerry Zieg, VP of Exploration stated, “We are designing a mining operation which we feel will be best-in-class with respect to protecting the environment, while providing a significant economic opportunity for Meagher County and the surrounding area.”
Bruce Hooper, CEO closed by stating, “Tintina has succeeded in producing a high quality permit application that safeguards the environment. This is all possible due to the exceptional copper grade and excellent location of the Black Butte Copper Project. We encourage everyone to review the details and benefits of our proposal by visiting our websites and touring the project.”
ABOUT BLACK BUTTE COPPER PROJECT
With a Measured and Indicated resource of 11.57 million tonnes with an average grade of 3.57%, the Black Butte Copper Project’s Johnny Lee Deposit is one of the highest grade copper developments currently underway in the world. The Johnny Lee Deposit contains measured resources of 2.66 million tonnes with an average grade of 2.99% Cu for 175 Million lbs (79,534 tonnes) of copper and indicated resources of 8.91 million tonnes with an average grade of 3.74% Cu for 735 Million lbs (333,234 tonnes) of copper.
Readers are encouraged to review the Updated Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana dated July 12, 2013 (the “PEA”), which is available on SEDAR, for additional information.
QUALIFIED PERSONS
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person for the purposes of National Instrument 43-101 and has reviewed, approved and verified the information of a scientific nature contained in this news release.
ABOUT TINTINA RESOURCES INC.
Tintina Resources Inc. is a growth company focused on the exploration, development, and mining of its 100% owned flagship property, the Black Butte Copper Project in central Montana, USA. The Company is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this release 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, resource estimates and expected outcomes. In making the forward-looking statements in this release, 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, that the results of exploration and development activities are consistent with management’s expectations and that the assumptions underlying mineral resource estimates are valid. However, the forward-looking statements in this release 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, the risk of unexpected variations in mineral resources, grade or recovery rates, 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.
Cautionary Note Regarding the PEA and Forward-Looking Statements: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Readers are encouraged to read the technical report, which discloses the basis for the preliminary economic assessment and the qualifications and assumptions made by the authors of the report.
Contact Information:
Tintina Resources Inc.
Mr. Bruce Hooper, President and Chief Executive Officer
(604) 628-1162
Email: info@tintinaresources.com
tintinaresources.com/
Forward-Looking Statements: This publication includes certain disclosure which constitutes “forward-looking information” or “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. Forward looking statements are often identified by words such as: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential, or will, would, may, could or should. These forward-looking statements include statements regarding plans and intentions with respect to exploration and development of Tintina Resources (“the Company”) properties, including timelines, anticipated results, the Company’s operations and financial condition in future periods, anticipated completion of feasibility and other studies and their impact on project economics and scope, timing of approvals and permitting and other milestones and sufficiency of funding to complete planned activities. Estimates of mineral resources are also forward-looking statements in that they involve estimates of the mineralization that would be encountered, based on interpretation of drilling results and certain assumptions, if a deposit were developed and mined. Forward looking information relating to the Company’s Black Butte Copper Project also includes the Preliminary Economic Assessment (PEA), including estimates of capital and sustaining costs, anticipated internal rates of return, mine production, estimated recoveries, mine life, estimated payback period and net present values. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including those set out in the PEA, that the Company is able to obtain required government or other regulatory approvals and permits and any required financing to complete the Company’s planned activities, that actual costs of planned activities will be consistent with management’s expectations, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that actual results of exploration activities are consistent with management’s expectations, that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, that the assumptions underlying mineral resources estimates are valid and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur. However, the forward looking statements are subject to numerous risks, uncertainties and other important factors that may cause actual results to differ materially from those expressed or implied in such forward-looking statements, including any of the assumptions and factors set out in the PEA proving to be invalid or varied, actual results of the Company’s exploration activities being different than those expected by management, uncertainties involved in the interpretation of drilling results and geological tests and the estimation of mineral resources, that the future price of copper will decline, the need for cooperation of government agencies, native groups and other stakeholders in the development of the Company’s properties, risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title, risks of operations such as accidents, equipment breakdowns, inadequate insurance or inability to obtain insurance, bad weather, potential litigation, non-compliance with environmental and permit requirements, unanticipated variations in geological structures, grades or recovery rates, unexpected cost increases, fluctuations in metal prices and currency exchange rates, delays in obtaining or inability to obtain required government or other regulatory approvals or permits or required financing, and the inability to procure equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company 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. This presentation is not, and is not intended to be, an offer to sell or the solicitation of an offer to buy any security of Tintina in any jurisdiction. This presentation is not an offering memorandum. Tintina Resources is a Pacific Website Company Inc. (CEO.CA parent) Client and the author has a financial interest in Tintina's shares, which makes CEO.CA and the author biased in its coverage of Tintina. Please see the technical report entitled “Updated Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana” dated July 12, 2013 (the “PEA”), which is available on SEDAR, for more information. The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
