(via Thenewswire.ca)
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that the final Plan of Operation was submitted to the Bishop California office of the Bureau of Land Management (BLM) for review and acceptance January 24th, 2012. The amended Plan of Operation is the updated plan with the mill upgrades to 100 tons per day plus the expanded tailings impoundment to be constructed. Based on conversations with the BLM, it was stated that the review should be completed prior to the end of March, 2012. During the review period, the Company will proceed in confirming contractors to construct and install the liners for the tailings impoundment and the mill upgrades. The Bishop Mill facility was classified as an operating site that was suspended till the tailings impoundment design was approved. The acceptance of the amended Plan of Operation is the last step towards the facilities being fully permitted to operate. Don Wedman, CEO and President of the Company stated "This is a major turning point for the Company. The Bishop Mill facilities once operational, will be a valuable asset that will provide a significant cash flow to the Company and an opportunity for growth within the Inyo County mining industry."
During the construction and commissioning of the facilities, Pruett Ballarat Inc. (PBI) will proceed towards completing the development of the Radcliff Mine that will supply a feedstock for the mill. It is anticipated that the Radcliff Mine will be able to supply all ore requirements for the mill over the next 3 to 5 year period. The Company has a joint venture agreement with PBI on the Radcliff Mine property.
Furthermore, the Company wishes to announce that it has granted 1,475,000 common shares pursuant to incentive stock options under the Company's Rolling Stock Option Plan, which Plan received shareholder approval at its last Annual General Meeting held June 23, 2011. The options have been granted for a two year period expiring February 7, 2014 at the exercise price of $0.21 per share, subject to TSX Venture Exchange approval.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Donald W. Wedman"
Donald W. Wedman, P.Eng.
CMC METALS LTD.
For further information on the Company, please contact Mr. Gord Zelko, VP Business Relations at MineralStocks Consulting. Telephone: 250-495-7123, or Email: gz@mineralstocks.com.
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.
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