Business
EDM Provides a Corporate Update
Halifax, Nova Scotia--(Newsfile Corp. - August 18, 2023) - EDM Resources Inc. (TSXV: EDM)  ...
About this update from Edm Resources Inc
[{"type":"text","content":"EDM Provides a Corporate UpdateHalifax, Nova Scotia--(Newsfile Corp. - August 18, 2023) - EDM Resources Inc. (TSXV: EDM) (\"EDM\" or the \"Company\") is pleased to provide its shareholders with the following corporate update.The Company is carefully monitoring the Zinc and Lead metal prices which have remained lower than anticipated. Among other factors, the Company intends to align the Scotia Mine re-start timeline with potentially favourable market conditions. While the long-term fundamentals of Zinc and Lead remain robust, the 2024 forecast metal prices are lower than the average metal prices used in the Company's 2021 Pre-Feasibility Study.The Company is actively working with its Stakeholders, Offtake partner, regulators, contractors and consultants to determine the development timeline. Once the Company makes the timeline announcement, EDM expects the Scotia Mine to enter into commercial production within 6-9 months of that announcement.The Scotia Mine's engineering consultants, Ausenco Engineering, have conducted detailed design work on the mill, and expect to have the necessary construction drawings ready by Q4 2023.The Company continues to advance and maintain its permitting of the Scotia Mine. The Company's two Environmental Assessment Approvals are in place. The Department of Fisheries and Oceans' (the \"DFO\") approval is behind schedule, since the DFO has recently advised that it requires additional information in connection with the application, including a more expanded and in-depth application than previously necessary. This will require additional field work, and the application submission to the DFO is now estimated to be the summer of 2024.The Scotia Mine's Open Day Event will be held at the mine site on Saturday, September 9, 2023, from 11 AM to 2 PM, local time. Anyone interested in attending should register by emailing at [email protected]'s Annual General Meeting (\"AGM\") of shareholders has been scheduled for November 24, 2023, at the Scotia Mine in Nova Scotia, Canada. Further details of the AGM will be provided in the management information circular to be distributed prior to the AGM.The Company is working on its exploration field work on its mineral prospects nearby to the Scotia Mine and expects to provide exploration results in Q4 2023.The Company will be holding a market update webina...