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Sandfire Resources America completes an Updated Mineral Resource Estimate for the Johnny Lee Deposit, Black Butte Copper Project

Key Points:

  • The Johnny Lee deposit has a Measured and Indicated Mineral Resource of 10.9 million tonnes (Mt) at an average copper grade of 2.9% for 311 thousand tonnes (kt) of contained copper (Cu) at a 1.0 % Cu cut-off grade;
  • The Johnny Lee deposit has an Inferred Mineral Resource of 2.7 Mt at an average copper grade of 3.0% for 80 kt of contained Cu at a 1.0 % Cu cut-off grade;
  • Forty-eight diamond drillholes completed by Sandfire Resources America have been used to update the Mineral Resource estimate for the Johnny Lee deposit;
  • Metallurgical testing of the Johnny Lee deposit has been integrated with systematic mineralogy to develop a copper recovery model;
  • Updated copper cut-off grade of 1.0 % Cu based upon updated recovery studies and price assumptions;
  • The Mineral Resource update for the Johnny Lee Deposit excludes the Lowry Deposit. Mineral Resources for the Lowry Deposit remain unchanged and current as of the effective date listed in the Preliminary Economic Assessment, July 12, 2013.

White Sulphur Springs, Montana– October 25, 2019 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”, Trading symbols- TSX.V:SFR and OTCQB:SRAFF) is pleased to provide the following announcement related to an updated Mineral Resource estimate for the Black Butte Copper Project, a proposed underground mine located in Montana, USA.

CEO and VP of Project Development Rob Scargill stated: “The updated Mineral Resource estimate, supported by substantial new drill data and geometallurgical investigation, allows project evaluation to proceed using data in which we have an increased level of confidence that will underpin upcoming studies on the Black Butte Copper Project.”

The updated Mineral Resource statement for the Johnny Lee Deposit is summarized in Table 1. This Mineral Resource statement is based upon the Preliminary Economic Assessment (effective date: July 12, 2013) further supported by additional drilling, analyses, geological modeling, and extensive metallurgical studies to provide updated recoveries.

Table 1: Mineral Resource Estimate for the Johnny Lee Deposit as of October 15, 2019.

Category

Quantity

(Mt)

Cu (%)

Total

Metal (kt)

UCZ
Measured

1.4

2.6

36.2

Indicated

8.3

2.3

191.3

Measured and Indicated

9.7

2.4

227.5

Inferred

2.2

2.2

49.5

LCZ
Measured

0.6

5.7

32.9

Indicated

0.6

7.9

50.5

Measured and Indicated

1.2

6.8

83.4

Inferred

0.5

6.3

30.3

Combined UCZ + LCZ
Measured

2.0

3.5

69.1

Indicated

8.9

2.7

241.8

Measured and Indicated

10.9

2.9

310.9

Inferred

2.7

3.0

79.7

Source: SRK, 2019

  • The effective date for this Mineral Resource is October 15, 2019. All significant figures are rounded to reflect the relative accuracy of the estimates. Copper assay values were capped where appropriate;
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Mineral Resources have a high degree of uncertainty as to their economic and technical feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resources can be upgraded to Measured or Indicated Mineral Resources;
  • Metallurgical recovery of copper has been estimated on a block basis in the UCZ, averaging 77.4%, with a consistent 94.0% Cu recovery applied to the LCZ;
  • To demonstrate reasonable prospects for eventual economic extraction of Mineral Resources, a cut-off grade of 1.00% copper based on metal recoverability assumptions, long-term copper price assumptions of $3.20/lb, mining costs, processing costs, G&A costs totaling $71/t;
  • There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those outlined in the Management Discussion and Analyses of the June 2019 Company Quarterly Report. All Mineral Resources are located within land currently under control or lease to Sandfire Resources America Inc.

The 2019 Mineral Resource update was supervised and reviewed by SRK Consulting (U.S.), Inc. (SRK) and represents the following notable changes in the defined Mineral Resource from the previously defined Mineral Resource estimate contained within the Updated Technical Report and Preliminary Economic Assessment for the Black Butte Copper Project, Montana (effective date: July 12, 2013) due to the following key factors:

  • Additional drilling, analytical data, geological and structural modeling, and interpretation of geological and mineralization for improved confidence;
  • Extensive metallurgical and geometallurgical studies have allowed for estimates of copper recovery that have a higher level of confidence than previously assumed;
  • Removal of Co, Ag, and Au by-products as recent metallurgical test work has indicated that froth flotation does not produce a copper concentrate with cobalt, silver, or gold in payable concentrations; and
  • Updated cut-off grade used to define the Mineral Resource using recent metallurgical recovery assumptions for copper and updated price assumptions.

Introduction

Sandfire Resources America Inc. (the Company) is pleased to announce that an updated Mineral Resource estimate has been completed using significant additional drill data for the Johnny Lee Deposit, Black Butte Copper Project, Montana, USA. The updated Mineral Resource has been prepared following the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) guidelines.

The Mineral Resource estimate incorporates drill data from 140 diamond drillholes completed by its predecessors and, 48 diamond drillholes completed by the Company. The Mineral Resource estimate has been reviewed and approved by SRK of Denver, Colorado, USA under the supervision of Erik Ronald, an Independent Qualified Person under NI 43-101.

Twenty-two metallurgical composite samples, constructed from fourteen drillholes completed by the Company, were used to conduct an extensive metallurgical test work program for the Johnny Lee deposit. The metallurgical test results have been integrated with systematic mineralogy of drillhole samples to develop a metallurgical copper recovery model for the Johnny Lee deposit. Metallurgical testing was conducted at Base Metallurgical Laboratories (Kamloops, British Columbia) under the supervision of Dr. Deepak Malhotra of Resource Development Incorporated, an Independent Qualified Person under NI 43-101.

The Mineral Resource was prepared in accordance with CIM Definition Standards and will be supported by a NI 43-101 Technical Report to be published and filed on the Company’s website and SEDAR profile within 45 days.

Johnny Lee Deposit

The Johnny Lee copper deposit is formed by two zones of mineralization: An Upper Copper Zone (“UCZ”) situated at depths of 40 m – 210 m below surface and an underlying Lower Copper Zone (“LCZ”) at depths of 340 m – 520 m below surface. A Mine Operating Plan (“MOP”) Application for the extraction of mineralized rock from both Zones of the Johnny Lee deposit was submitted to the Montana Department of Environmental Quality (“MT DEQ”) in December 2015 and following revisions was deemed complete and compliant. A draft MOP permit was issued by the Hard Rock Mining Bureau MT DEQ on September 18, 2017 and the Environmental Impact Statement process started soon thereafter. The MOP proposes underground mining of the Johnny Lee Deposit using a drift and fill mining method and production of a copper concentrate by milling and froth flotation. Mill tailings will be used for underground paste-fill support and the surplus deposited in a double lined cemented tailings storage facility.

Resource Estimation Methodology and Parameters

An extensive quality assurance and quality control (QA/QC) program was implemented in order to support the Mineral Resource estimate. Diamond drill core sampling intervals were continuously collected from above the mineralization zones to the end of each drillhole. HQ (2.5 inch) diamond core was sawn into half-core samples for copper analyses. Diamond drill core analyses for copper mineralization was performed at ALS Laboratories (ALS) in Reno, Nevada and metallurgical testing at Base Metallurgical Laboratories in Kamloops, British Columbia, Canada. Approximately 20% of the submitted samples consisted of QA/QC samples including: duplicates, blanks, and certified Reference Materials (CRM). All QA/QC, sampling, drilling, and analytical methodologies have been deemed acceptable by the QP for use in determination of Mineral Resources as per CIM guidelines.

Geological continuity of up to eight, vertically stacked, shallow dipping >1.2% copper mineralized layers in the UCZ has been demonstrated and modeled as wireframe domains in three-dimensions (3D). The >1.2% copper domains in the UCZ are encapsulated within a zone of >0.25% copper mineralization modeled in 3D as wireframe volumes.

Copper mineralization within the LCZ occurs within three discrete >2.0% copper lenses that occur at approximately the same elevation. Each of these lenses has been modeled in 3D as separate wireframe volumes. Compositing and capping were utilized for copper grade estimated into each modeled domain using Ordinary Kriging for both the UCZ and LCZ. Density was estimated into the block model by domain using Ordinary Kriging of composited data. The block models were used to constrain the tonnage and copper grade estimations for the Mineral Resource estimate.

Copper Recovery Estimation

Metallurgical test work using UCZ composites has shown that copper recoveries, using the optimized recovery process, are highly variable. Mineralogical investigation of UCZ metallurgical composites has demonstrated that this variability is due to differences in copper sulfide liberation characteristics. The estimated copper recoveries determined from copper sulfide liberation metrics have been interpolated into a block model using an inverse distance weighting squared process. Estimated copper recoveries for the UCZ range from 68.2% to 87.9%.

Historic and recent metallurgical test work for the LCZ has demonstrated relatively high recoveries with low variability. Accordingly, a 94.0% copper recovery has been applied to the LCZ model.

Determination of Cut-off Grade for Resource

To demonstrate the prospect of eventual economic extraction of Mineral Resources, SRK applied a cut-off grade that accounts for metallurgical recovery of copper, operational costs, and market-driven copper pricing. The following technical and economic parameters are assumed and accounted for in the determination of cut-off grade:

  • Metallurgical recoveries: Estimated variable copper recovery for the UCZ. Assigned mean 94% copper recovery for the LCZ.
  • Operational Costs: US$71/tonne. This includes mining, processing and general and administrative costs.
  • Copper Price: A long term copper price of US$3.20 per pound (US$7,055 per metric tonne) is based on market consensus forecast for upside copper pricing.

Using these metrics, a cut-off grade of 1.0% Cu based on recovery assumptions was used for the entire Johnny Lee deposit.

Qualified Persons

The technical information contained in this announcement related to the Johnny Lee Deposit has been reviewed and approved by Erik Ronald, M. Eng., P.Geo, RM-SME, Principal Consultant, SRK Consulting (U.S.) Inc. and Deepak Malhotra Ph.D. RM-SME, Resource Development Inc. Messrs. Ronald and Malhotra are Qualified Persons pursuant to NI 43-101 for Mineral Resources and Metallurgical processing respectively. Messrs. Ronald and Malhotra are independent of the Company. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Johnny Lee Deposit, please refer to the Technical Report to be filed.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Additional information on Sandfire Resources America, Inc. can be viewed on SEDAR under the Company’s profile at www.sedar.com or on Sandfire Resources America, Inc.’s website at www.sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the mineral resource estimates the completion of the proposed feasibility study, permitting and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. Forward-looking statements include statements that are predictive in nature, are reliant on future events or conditions, or include words such as “expects”, “potential”, “anticipates”, “plans”, “believes”, “considers”, “significant”, “intends”, “targets”, “estimates”, “seeks”, attempts”, “assumes”, and other similar expressions. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including and in addition to those assumptions previously set out in this news release that the Company will receive required regulatory approvals, the Company’s successful advancement of the Black Butte Copper Project toward feasibility, the expected positive results from the Black Butte Copper Project based on the estimates and findings contained in the Preliminary Economic Assessment from July 12, 2013, that the Company will continue to be able to access sufficient funding to execute its plans, that the Company is able to procure equipment and supplies in sufficient quantities and on a timely basis, that the Company’s exploration and development activities on the Black Butte Copper Project will not be affected by actions of environmental activists or other special interest groups, and that the results of exploration and development activities will be consistent with management’s expectations that capital costs and sustaining costs will be as estimated, that the assumptions underlying mineral resource 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, that the current price and demand for copper and other metals will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; and the continuity of economic and political conditions and operations of the Company. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, uncertainties involved in the interpretation of drilling results and geological tests; 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; interference with the Company’s exploration or development activities by environmental activists or other special interest groups; inability to procure equipment and supplies in sufficient quantities and on a timely basis; and all of the other risks generally associated with the development of mining facilities. 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. 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.

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.

Black Butte Copper Progress Update

White Sulphur Springs, Montana– October 25, 2019 –Sandfire Resources America Inc. (“Sandfire America” or the “Company” TSX.V:SFR and OTCQB:SRAFF) is pleased to provide the following update related to progress at the Black Butte Copper underground project in Montana.

Permitting Progress

The Montana Department of Environmental Quality (MDEQ) and the Department of Natural Resources & Conservation (MDNRC) recently informed the Company of a matter regarding the overlap between their respective areas of oversight. The Company has developed a robust plan to address this matter that is satisfactory and creates a pathway forward which includes further assurances on the water right modification application which has been in progress since early 2019. The Company is confident that it has addressed the agencies’ concerns. In their fall update, the MDEQ stated, “DEQ is in the final stages of its review and, barring unforeseen issues, anticipates publishing the Final EIS in the final quarter of 2019.”.

CEO and VP of Project Development Rob Scargill stated, “Whilst this short delay is frustrating to all concerned, we are confident that addressing these matters now will deliver a more robust operating permit and mining operation. The Company and our stakeholders continue to be committed to permitting and building a showcase underground copper mine in Meagher County.”

Bankable Feasibility Study

All the technical studies have now been completed for the Black Butte Project Feasibility Study which commenced in October 2018. An updated Mineral Resource has been published and will be used as the foundation for the Feasibility Study. GR Engineering Services, SRK Consulting and others are completing documentation of the technical sections. The study will be finalized once the Final EIS is released to ensure that the designs and financial modelling are consistent with the permit requirements.

Financing

Following a review of financing options by the Non-Executive Independent Directors, the Company has agreed to an unsecured loan facility with our majority shareholder, Sandfire Resources NL, to provide US$3 million to cover expenditures between now and the release of the Feasibility Study.  The funds will be used for permitting, studies and preparatory work for pre-construction earthworks for the portal pad and environmental protection ponds. On release of the Feasibility Study, the Board will consider their mid-term and long-term financing options.

Board of Directors Update

Jason Grace joined the Company’s Board of Directors on September 26, 2019 replacing Bruce Hooper. Mr. Grace is an experienced mining professional with industry spanning Australia to the Asia-Pacific region with experiences ranging across multiple disciplines including general management, operational management, technical leadership, project/studies management, business improvement, mineral resource evaluation, mine planning and mine geology. Most recently, Mr. Grace was Executive General Manager – Iron Ore for the leading diversified mining services group Mineral Resources Limited , where he managed the group’s Australian iron ore business.

QUALIFIED PERSON

Jerry Zieg, Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has reviewed, verified, and approved the data disclosed and information of a scientific or technical nature contained in this news release.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

CAUTIONARY NOTE

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the completion of the BFS, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities are consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.

Sandfire Resources America Inc. Board of Directors Member Change

White Sulphur Springs, Montana–August 29, 2019 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) announce that after five years of service, Mr. Bruce Hooper has resigned as a Director of the Company.

The Company thanks Mr. Hooper for his years of service and appreciates his many contributions to the Board during his tenure. Mr. Hooper served as the CEO of the Company from 2014 to 2016 and remained on the Board as a non-executive Director as a nominated representative of Sandfire Resources NL.

Sandfire America’s CEO and President, Mr. Rob Scargill stated, “Bruce has been an integral member of the dedicated team that has advanced the showcase Black Butte Copper project to the brink of being the first permitted copper mine in Montana in over a generation. We all thank him for his input and support over the last five years.”

Mr. Jason Grace is planned to replace Mr. Hooper on the Sandfire Resources America Inc. Board as a Sandfire Resources NL nominated non-executive member representative late in September 2019.

Mr. Grace, who will join Sandfire Resources NL as their Chief Operating Officer next month, is an experienced mining professional with more than 26 years of industry experience spanning Australia and the Asia-Pacific region with experiences ranging across multiple disciplines including general management, operational management, technical leadership, project/studies management, business improvement, mineral resource evaluation, mine planning and mine geology. Most recently, Mr. Grace was Executive General Manager – Iron Ore for the leading diversified mining services group Mineral Resources Limited (ASX: MIN), where he managed the group’s Australian iron ore business.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, Director of Public Affairs & Corp. Sec.
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.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.

Completion of Draft EIS Comment Period Marks Another Key Step Forward for Black Butte Copper

60-day public comment period successfully completed, after which a summer Record of Decision (ROD) and Mine Operating Permit could be issued as early as Q3 of 2019

White Sulphur Springs, Montana – May 15, 2019 – Sandfire Resources America, Inc. (“Sandfire America” or the “Company”) is pleased to announce that the 60-day comment period for the Company’s Black Butte Copper Project Draft Environmental Impact Statement (“EIS”) has now closed.

The Draft EIS was prepared by an independent third-party environmental expert for the Montana Department of Environmental Quality (“MT DEQ”).

The comment period included three public meetings in Great Falls, Livingston and White Sulphur Springs, Montana as well as two webinars. A link to the Draft EIS can be found on our website, www.sandfireamerica.com, along with a link to our community presentation, which provides a detailed overview of the Project.

The next step in the MT DEQ’s process will be to respond to public comments and issue a final EIS. The MT DEQ can then issue a Record of Decision (ROD) that approves the application as submitted, approves the application with modifications, or denies the application if it does not meet the laws of the State of Montana. This could potentially occur as early as the September Quarter of 2019.

Commenting on the completion of the Draft EIS public comment period, Rob Scargill, CEO and VP Project Development, said:

“Public participation is a key element in making sure that a project of this importance, both economically and environmentally, is implemented to the highest caliber. We would like to thank those who took the time to comment on both sides of the issue, making this a robust process. We now look forward to the DEQ’s review of comments, followed by completion of the permitting process in the summer.”

The preparation of a Feasibility Study (FS) for Black Butte Copper Project is progressing with the recent finalization of the process flow sheets, reagents regime and geology wireframes for the Johnny Lee Upper and Lower Copper Zones.

The Black Butte Copper Project is a proposed to be a showcase underground mine, designed and engineered to provide economic opportunity to Central Montana while fully protecting Sheep Creek and Smith River Watershed.

 

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

CAUTIONARY NOTE

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the completion of the Feasibility Study, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities will be consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.

Sandfire Resources America Announces Appointment of Chief Financial Officer and Provides Further Progress Update on Black Butte Copper Project, Montana

Key Points:

  • Experienced finance executive John McGonigle joins as Chief Financial Officer.
  • Another key addition to Sandfire America’s team as it prepares to construct the Black Butte Copper Project in Montana.
  • Draft EIS open for public comment from March 11 to May 10th, 2019 with link to documents provided.
  • Autumn/Winter drilling completed on March 6, 2019.

White Sulphur Springs, Montana– April 1, 2019 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) is pleased to advise that it has appointed highly experienced international mining executive John McGonigle as Chief Financial Officer as it continues to build its senior leadership team ahead of the planned construction and development of its underground Black Butte Copper Project in central Montana, USA.

Mr. McGonigle is an internationally experienced mine controller who was most recently the Chief Financial Officer of Lundin Mining Corporation’s Eagle Mine in Champion, Michigan. Prior to that, he spent 19 years with Newmont Mining Corporation with vast experience in Ghana, Indonesia, and the U.S. Mr. McGonigle holds a Bachelor of Accountancy and a B.B.A. in Finance from New Mexico State University.

In welcoming Mr. McGonigle to the Sandfire America team, CEO Rob Scargill said:  “John’s extensive financial and commercial expertise will be an invaluable addition to our Montana-based team as we enter the next phase of constructing our showcase underground copper mine. John has worked with highly accomplished mine-building teams around the world and he has a strong track-record of balancing strong mine economics with community investment.”

The Company is also pleased to provide an update on permitting activities for the underground Black Butte Project. On March 11, 2019 the Company was issued a Draft Environmental Impact Statement (“Draft EIS”) by the Montana Department of Environmental Quality (“MT DEQ”).

The Draft EIS is subject to a full 60-day comment period including four public forums, with comment submission ending on May 10, 2019. Links to the Draft EIS and to provide comment on the Draft EIS are located on the homepage of the Company’s website: www.sandfireamerica.com.

The Company completed its 2018-2019 Autumn/Winter drill program on March 6, 2019.

This drilling program gathered further resource geotechnical and hydrogeological data to support the Feasibility Study and to increase the level of geological confidence in the projected initial mining zones. All initial logging and sampling is completed and the Company is now carrying out data analysis and modelling.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of  Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the Company’s proposed name change and plans for advancing the Black Butte Copper Project, and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals for the proposed name change, that the Company will continue to be able to access sufficient funding to execute its plans, that the Company’s plans for tailings and water management will be implemented as expected and will have the intended benefits and that the results of exploration and development activities are consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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 the Company will not receive required regulatory approvals for the proposed name change when expected or at all, that results of exploration and development activities will not be consistent with management’s expectations, 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. 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.

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.

Release of Draft EIS Marks Another Key Milestone for Black Butte Copper Project, Montana

Triggers start of 60-day public comment period, after which a summer Record of Decision (ROD) and Mine Operating Permit could be issued

White Sulphur Springs, Montana – March 11, 2019 – Sandfire Resources America, Inc. (“Sandfire America” or the “Company”) is pleased to announce that the Montana Department of Environmental Quality (“MT DEQ”) has released the Draft Environmental Impact Statement (“EIS”) outlining the final permitting steps for its 100%-owned underground Black Butte Copper Project.

The Draft EIS will be open for public comment for a 60-day period commencing March 11, 2019 and completing May 10, 2019. A link to the Draft EIS can be found on our website, www.sandfireamerica.com, along with a link to our community presentation, which provides a detailed overview of the Project.

Following the Draft EIS public comment period, the MT DEQ will respond to comments and issue a final EIS. Then the MT DEQ can issue a Record of Decision (ROD) and Mine Operating Permit for the Black Butte Project, potentially as early as the Q3 of 2019.

The proposed showcase underground mine is designed to provide economic opportunity to Central Montana while fully protecting the Smith River Watershed.

The issuing of the Draft EIS is the result of three years and four  months of diligent effort by the Company, its consulting technical experts and the MT DEQ to prepare an appropriate design and permit to deliver a state-of-the-art, environmentally responsible mine development project.

The Company has also completed a DRAFT Montana Pollutant Discharge Elimination System, secured a Draft Air Quality Permit and a completed Hard Rock Mining Impact Plan – all required by the MT DEQ for incorporation in the final Record of Decision (ROD). A Section 404 Permit has also been issued in accordance with the Clean Water Act and is the only federal permit required in the permitting process for the Black Butte Copper Project.

The MT DEQ deemed Black Butte Project’s Mine Operating Permit Application (“MOP”) Complete and Compliant on August 14, 2017 and the Company received a Draft Operating Permit on September 19, 2017.

Commenting on the completion of the Draft EIS, Rob Scargill, CEO and VP Project Development, said:
“The completion of the Draft EIS represents another key step towards development of a state-of-the-art underground mining operation at Black Butte which will set new standards for mine developments globally.  We encourage all stakeholders to review the Draft EIS and see first-hand the level of care and diligence which has been applied to our project to ensure that it meets or exceeds Montana’s strict environmental standards. 

Jerry Zieg, Senior Vice President, said:

“We continue with our commitment to bringing this extraordinary project to fruition while protecting our pristine environment and providing economic opportunities for our local Meagher County community and the State of Montana. We have always remained focused on building a showcase underground mine that is operated safely and incorporates world-class environmental standards and world-leading technologies, followed by complete reclamation returning all lands back to their original uses.” 

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

CAUTIONARY NOTE

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the completion of the Feasibility Study, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities will be consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.

Black Butte Copper Project, Montana – Progress Report

Key Points:

  • 24-hole geotechnical drilling program set for completion by mid-March 2019.
  • Feasibility Study progressing well with work underway on updated Mineral Resource, mine design and maiden Ore Reserve; Feasibility Study targeted for completion by mid-year.
  • Draft EIS expected for public comment during March 2019.
  • Black Butte Copper Hard Rock Mining Impact Plan finalized and approved by Meagher County Commissioners.

White Sulphur Springs, Montana – February 28, 2019 – Sandfire Resources America Inc. (“Sandfire America” or the “Company”) is pleased to advise that it continues to make positive progress on a number of fronts with activities related to its underground Black Butte Copper Project. 

The Company is on track to complete its 24-hole 2018-2019 Autumn/Winter drill program by mid-March 2019. This drilling program was designed to gather further geotechnical and hydrogeological data to support the Feasibility Study and to increase the level of geological confidence in the projected initial mining zones.

The drilling contractor, Ruen Drilling, has now reduced from three drill rigs to a single rig as the program nears completion and moves into the data analysis and modelling phase.

Initial work on the Black Butte Feasibility Study commenced in October 2018 and is progressing well with completion targeted for mid-2019. The Feasibility team includes GR Engineering Services as the lead consultant, with SRK Consulting overseeing the Mineral Resource preparation and Mining Plus conducting mine design and Mineral Reserve preparation.

The Company also continues to lay the groundwork for start-up construction of the decline portal pad and contact water pond upon receipt of a Mine Operating Permit from the Montana Department of Environmental Quality (MT DEQ).

The MT DEQ and third-party contractor, ERM, have now progressed into the final stages of the Environmental Impact Statement (EIS) and the Company expects the MT DEQ to present a draft EIS for public comment during March of 2019.  

A public comment period follows, after which, the MT DEQ can issue a Record of Decision (ROD) and Mine Operating Permit, potentially as early as the Q2 of 2019.  Following the ROD and completion of the feasibility study, The Company will make a construction decision with production potentially commencing late 2021.

As part of the permitting process, Sandfire America has completed the Black Butte Copper Hard Rock Mining Impact Plan, which has been finalized and approved by the Meagher County Commissioners. This unique Montana statute requires the Company to address all social and economic needs of the local community prior to mine start-up.  The Company has provided the plan to the Hard Rock Mining Impact Planning Board, which is appointed by the Governor for implementation of the plan.

The Company continues to engage positively with local communities and stakeholders throughout Montana. Monthly tours will recommence  in May and run through October. 

The Meagher County Stewardship Council, developed as a stakeholder oversight entity for the community and facilitated through the neutral third-party help of One Montana, has been commissioned and now meets each month with the Company.  The Company continues its practices of proactive local community involvement and development in the belief that these are an important cornerstone of responsible corporate citizenship.

CEO and VP of Project Development Rob Scargill stated: “The opportunity to build a showcase underground mine at the Black Butte Copper Project is now right around the corner. Sandfire America is gearing up for the project’s construction phase and we will be ready to responsibly push the project forward as soon as all approvals have been received. 

“This state-of-the-art project will bring tangible benefits to our local Meagher County Community, our surrounding neighbors in Montana and to our supportive and patient shareholders, while at the same time demonstrating how modern mining companies like Sandfire America can develop and operate environmentally responsible projects.”

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

CAUTIONARY NOTE
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the completion of the Feasibility Study, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities will be consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.

Black Butte Copper Permitting and Feasibility Update

White Sulphur Springs, Montana – November 9, 2018 – Sandfire Resources America Inc. (“Sandfire America”or the “Company”) is pleased to provide an update on permitting and feasibility activities relating to its underground Black Butte Copper Project.

Permitting of the Black Butte Project is continuing following a slight delay to the process which has arisen due to the Project being the first new copper mine in Montana required to meet a new statewide numeric standard for nitrogen during the growing season.

By working with the MT Department of Environmental Quality (MT DEQ) to meet these new requirements of the accompanying Montana Pollution Discharge Elimination System (MPDES) permit, the Company has chosen to enhance its project design to include a treated water reservoir. This enables the Company to meet these strict Montana non-degradation standards year-round.

This work has resulted in a minor delay due to the time needed to add additional information to the Environmental Impact Statement (EIS) for review.  The schedule for completing the draft EIS has now been extended to the Winter of 2019. The issuance of the Draft EIS will be followed by a public comment period.

Sandfire America’s CEO and VP of Project Development, Rob Scargill, stated: “While this slight delay in completing the draft EIS is disappointing, we now have significant momentum towards making the Black Butte underground copper mine a reality. The newly-incorporated enhancement further underlines the project’s credentials as a state-of-the-art, 21st century mine development.

“The synergy between the top shelf Feasibility Study team we have assembled, and our exceptional staff will continue driving this critical path. With the completion of this work, we can build an underground mine showcasing best practices that all involved will be proud of.”

Kick-off meetings for the Feasibility Study led by Denver-based GR Engineering Services Limited took place in White Sulphur Springs, MT November 5th and 6th.  Under GR Engineering Services Limited’s lead, Mining Plus Pty Ltd will prepare the Mineral Reserve Statement and SRK Consulting will prepare the Mineral Resource Statement.

A target completion date is scheduled for the June Quarter 2019. In order to augment the Feasibility Study, the Company’s Autumn 2018 drilling program commenced in the last week in October and is collecting additional data required for resource verification and geotechnical data.

On the political front, Montana voters defeated an anti-mining ballot initiative I-186 by an incredible margin.  VP of Communications, Nancy Schlepp, shared: “This is a vote of confidence for mining and for our project. Montanans declared that mining continues to be an important element of a healthy economic/environmental balance.”

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

CAUTIONARY NOTE

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information”within the meaning of Canadian securities legislation, including statements regarding the completion of the Feasibility Study, permitting timelines and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities will be consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.

Sandfire Resources America Inc. Closes Its Oversubscribed Rights Offering

Vancouver, British Columbia – October 31, 2018 – Sandfire Resources America Inc. (TSX.V: “SFR”; OTCQB: “SRAFF”) (“Sandfire America” or the “Company”) is pleased to announce that it has closed its oversubscribed rights offering, issuing 314,551,166 common shares of the Company for gross proceeds of C$18,873,070 (the “Rights Offering“), representing 100% of the total rights offered.

In total, 251,143,277 common shares issued in the Rights Offering were distributed under basic subscription privileges, of which 245,552,064 were distributed to insiders of the Company and 5,591,213 were distributed to non-insiders. 63,407,889 common shares were issued under additional subscription privileges, 62,129,312 of which were distributed to insiders of the Company and 1,278,577 were distributed to non-insiders.  To the knowledge of the Company, no person became an insider as a result of the Rights Offering.

The Company’s largest shareholder, Sandfire BC Holdings Inc. (“Sandfire BC”), fully exercised its basic subscription privilege to purchase its pro rata share of the common shares offered, being 245,552,064 common shares, and also purchased an additional 62,129,312 common shares through the exercise of its additional subscription privilege, for a total subscription of 307,681,376 common shares.

Upon completion of the Rights Offering, the total number of issued and outstanding common shares of the Company is now 817,833,031. Sandfire BC now owns 85.66% of the Company’s issued and outstanding common shares. The Company did not pay any fees or commissions in connection with the distribution of securities in the Rights Offering.

The Company intends to use the net proceeds of the rights offering to further advance the Black Butte Copper project and for general working capital purposes. Further details of the Rights Offering are contained in the Company’s rights offering circular, which has been filed on SEDAR under the Company’s profile at www.sedar.com.

Rob Scargill stated, “The Company would like to thank all of our shareholders for their continued support of the underground Black Butte Copper project as we move into the next stage of development, which includes a fall drilling program and Feasibility Study.”

This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.

About Sandfire Resources America Inc.

Sandfire Resources America Inc. is a growth company focused on the exploration, development, and mining of its 100% American company Tintina Montana Inc. and it’s flagship property, the underground 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.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Cautionary statement regarding forwardlooking information

Certain disclosures in this release constitute “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements regarding the Company’s plans for advancing the Black Butte Copper Project (including plans to complete permitting), the intended use of proceeds of the Rights Offering, resource estimates and expected outcomes. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company’s permitting will proceed as expected; 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 news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including without limitation: the 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. 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.

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.

Sandfire Resources America Inc. Provides Update on Rights Offering

Vancouver, British Columbia – October 23, 2018 – Sandfire Resources America Inc. (TSX.V: "SFR"; OTCQB: "SRAFF") ("Sandfire" or the "Company") advises that the Canadian Union of Postal Workers commenced rotating strikes on Monday, October 22, 2018 and the rotating strikes are ongoing.

Registered shareholders who wish to exercise the rights issued pursuant to the Company’s rights offering announced on September 19, 2018 must ensure that the completed rights certificate, together with the applicable funds, are received by Computershare Investor Services Inc., on or before 2:00 p.m. (Vancouver time) on October 30, 2018.

Given the mail disruption, registered shareholders are encouraged to return their completed rights certificate and applicable funds by courier to Computershare Investor Services Inc., located at 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Y1. Non-registered shareholders are advised to contact their broker at the earliest opportunity.

Further details of the rights offering are contained in the Company’s rights offering Circular, which was filed on SEDAR on September 19, 2018 under the Company’s profile at www.sedar.com.

This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.

Business Update

Following receipt of the relevant approvals from the Montana Department of Environmental Quality, Sandfire’s wholly owned US subsidiary, Tintina Montana Inc., has mobilized Ruen Drilling Inc. crews to conduct an Autumn/Winter drill program to support the Black Butte underground copper project feasibility study.  Feasibility study work, led by GR Engineering Services Limited, will continue through October with the bulk of the work commencing in November and a target completion date of the June Quarter 2019.  

The Company is aware that a complaint has been filed with the Federal Election Commission (“FEC”) regarding donations made by Tintina Montana Inc. to the Montana Mining Association to oppose, jointly with other Montana mining companies, Citizen’s Initiative I-186 in Montana.  The Company understands that the FEC is reviewing the complaint for completeness prior to making a decision on a procedural investigation.  The Company believes that there is no merit to the complaint and intends to vigorously defend itself should the FEC proceed to an investigation.

About Sandfire Resources America Inc.

Sandfire Resources America 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.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP Communications & Corp. Sec.
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com


Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the feasibility study, timelines, the Company’s plans for advancing the Black Butte Copper Project, the FEC complaint and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities will be consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’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, 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. 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. 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.

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.