Business
Nicola Mining Inc. Receives Permit Amendment Approval for Custom Milling
(via Thenewswire.ca) VANCOUVER, B.C. / TheNewswire / April 18, 2016 - Nicola Mining...
About this update from Nicola Mining Inc.
[{"type":"text","content":"Nicola Mining Inc. Receives Permit Amendment Approval for Custom Milling(via Thenewswire.ca)\n \n \nVANCOUVER, B.C. / TheNewswire / April 18, 2016 - Nicola Mining Inc. (the \"Company\" or \"Nicola\") is pleased to announce that it has received an amendment to its M-68 Mine Permit. The amendment allows the Company to enter into third part custom milling contracts and enables it to mill up to 200 tonnes per day at its wholly-owned Craigmont Mine site, located 10 kilometers from Merritt, British Columbia. \n\n\n \nThe Company's mill is constructed on a freehold I-3 Industrial Zoned site that Nicola acquired for $8.0 MM. Nicola then constructed a new $21.0 MM processing mill and $2.0 MM fully-lined tailings facility. Nicola is capable of processing both gold and silver mill feed by utilizing gravity and floatation systems to create concentrates and is currently considering installing ovens that will allow it to pour dore bars. \n\n\n \nNicola expects to start receiving material from Siwash Minerals Inc. (the \"Miner\") in early May and plans to commence milling upon receipt of 1000 tonnes. As disclosed in the November 2, 2015 news release Miner is required to use its best efforts to transport greater than 7.08738 g/t Au to the Company's processing facility. In addition to the Miner, the Company has entered into 3 other Milling Profit Share Agreements and continues to discuss with other high-grade gold sources. Currently, all of the Milling Profit Share Agreements are with gold-focused mining properties. \n\n\n \nGiven the complexities and costs of attaining a mill site in British Columbia the Company is positioning itself as a \"milling hub\" for high-grade gold properties located in the province. Under the amendment to Permit M-68 the Nicola is required to notify the Chief Inspector at least 10 days prior to initiating a change in mill feed from each unique mill source. \n\n\n \nPeter Espig, Chief Executive Officer, commented, \"The Amendment to Permit M-68, which approves milling of third-party material, is a monumental milestone. We have moved a huge step towards generating revenues and establishing ourselves as a province-wide milling hub for mining projects. I would like to thank the team, especially our CFO, Warwick Bay, who has worked diligently in moving the Company forward. \" \n\n\n \nOn behalf of the Board of Directors\n\...