Vancouver, BC / TheNewswire / June 8, 2018 - iMetal Resources Inc. (TSX.V: IMR) ("iMetal" or the "Company") is pleased to report that it has signed Memorandums of Understanding (MOUs) with multiple First Nation communities to advance its Gowganda West Gold-Copper-Cobalt Project in Northern Ontario, contiguous to Tahoe Resources' Juby gold deposit.
As prospecting crews expand the footprint of high-grade gold mineralization at surface in preparation for first-ever summer drilling, iMetals has consulted with all First Nation communities with interests in the property area and has signed MOUs with Matachewan First Nation/Mattagami First Nation (MFN) as well as Temagami First Nation/Teme-Augama Anishnabai (TFN/TAA).
The Gowganda West Project is situated within the traditional territories of the MFN-TFN/TAA and is located in an area with a long history of exploration and mining.
The MOUs also solidify the confidential and ongoing information sharing between the parties with the aim of maintaining an open, friendly, respectful and cooperative working relationship while Gowganda West advances to the next level of exploration.
Johan Grandin, iMetal President and CEO, stated: "We are extremely pleased with the strong relationships we've developed with local First Nations. These agreements are a win-win situation as they recognize the interests of the First Nations and create opportunities and potential economic benefits for both the First Nation communities and iMetal shareholders."
Under the terms of the MOUs, iMetal and the First Nation communities have agreed to terms that underline each party's mutual respect for the land and a responsible approach to exploring in First Nations' traditional territory. The agreement remains in effect until iMetal and the First Nations enter into an Impact Benefit Agreement (IBA).
The MOUs also include terms outlining environmental protection, employment, training and business opportunities, and mitigation of impacts on the traditional pursuits of the members of the Matachewan, Mattagami, Temagami and Teme-Augama Anishnabai First Nation communities.
Under the MOUs, iMetal is issuing a total of 400,000 shares and 50,000 options at 8.5 cents, subject to TSX Venture approval.
ON BEHALF OF THE BOARD OF DIRECTORS,
President & CEO, iMetal Resources Inc.
510-588 Hornby St., Vancouver, BC, V6C 3B6 / https://imetalresources.ca