IDM moves closer to Red Mountain Gold project with Environmental review and $4.1mn placement

By Dale Benton
Share
A mining company with a major exploration and development project in the Golden Triangle of North-western British Colombia has taken significant steps a...

A mining company with a major exploration and development project in the Golden Triangle of North-western British Colombia has taken significant steps as it progresses through an environmental assessment proves as well as closing a multi-million-dollar private placement.

IDM Mining announced in a statement this week that it had placed a non-brokered private placement financing to sell a number of shares and raise up to $4.1mn.

The net proceeds of the offering will go towards exploration and development activities on the Company’s Red Mountain Gold Project.

The 17,125-hectare Red Mountain Gold Project is located in north-western BC, 15 km northeast of the mining town of Stewart.
 

Related stories:

Resolute Mining adds 35,000 oz of gold to its gold hedge book

Hancock Prospecting and Rio Tinto officially open Baby Hope mine at $1.3bn Hope Downs

ITE Group to acquire Mining Indaba in £30mn deal

 

Earlier this year, IDM announced that the Canadian Environmental Assessment Agency (“CEA Agency”) has initiated the final stage of the environmental assessment process for the project.

“We are nearing the completion of both the Provincial and Federal environmental assessment process for the Red Mountain Project,” said Michael McPhie, Chair of IDM Mining’s Board of Directors.  “With a decision from the Provincial government of British Columbia expected imminently and the Federal process entering its final stage, the full value of our high-value gold development project in BC’s Golden Triangle is near to being realized.”

IDM anticipates receiving Federal approval from the Minister of Environment and Climate in late 2018 or early 2019.

Share

Featured Articles

Intel Ridding its Supply Chain of Conflict Minerals

Intel first began to work towards responsibly sourced conflict minerals from the Democratic Republic of Congo and adjoining countries about 12 years

IEF on 'Paradox' of Mining's Role in Quest for Clean Energy

International Energy Forum says mining is the 'paradox' at heart of quest for clean energy but recognises the industry is addressing sustainability issues

ABB Reduces its Industrial e-Waste Impact

Leading global engineering company ABB – with strong mining presence – cuts industrial e-waste by promoting reuse and recycling in a push for circularity

Mining Automation Drives Efficiency and Safety Gains

Digital Mining

New Schneider SBS Energy Solution for Mining Sector

Smart Mining

Mining Conflicts Hit Communities As Battery Demand Soars

Sustainability