WHITE SULPHUR SPRINGS, Mont., Sept. 19, 2017 (GLOBE NEWSWIRE) -- Tintina Resources, Inc. (TSX.V:TAU) (OTCQB:TINTF) (“Tintina” or the “Company”) is pleased to announce that it has received a draft operating permit from the Montana Department of Environmental Quality (“MT DEQ”) Hard Rock Mining Bureau. This draft permit formally concludes the Completeness & Compliance review and signifies commencement of the Environmental Impact Statement (“EIS”). The MT DEQ is finalizing the selection of an independent third-party contractor to prepare a comprehensive EIS which will include all procedural and substantive elements of the Montana Environmental Policy Act. The EIS is expected to take approximately one year to complete.
In addition to the draft operating permit, the Montana Public Service Commission on September 1, 2017 approved an agreement between Fergus Electric Cooperative and NorthWestern Energy to provide power to the Black Butte Copper project. Fergus Electric will construct a new 100-kV transmission line and substation which will draw from an existing NorthWestern transmission facility. Under the terms of the agreement, Tintina will be responsible for the total cost of construction of the new power transmission line.
The proposed underground mine is designed to provide economic opportunity to Central Montana while fully protecting the Smith River Watershed. A summary of the Mine Operating Permit Application can be found on our website www.tintinaresources.com in the transparency library along with a 3D animation of the planned project showing what the site will look like during mining operations and after full site reclamation.
The Black Butte Copper Project will be a major contributor to the economy of Central Montana and entire state. The direct payroll alone will be in excess $12 million per year. Based on the current price of copper of around $3.00/lb., the Black Butte Project will enhance Meagher County and the State of Montana’s tax base by paying taxes of over $6 million per year through the Metals Mines Tax, Gross Proceeds Tax, and Montana Corporate Tax; Meagher County alone will receive $3 million per year from these taxes. Another $8 million will be paid in federal corporate taxes. In addition, all-important business equipment taxes paid by the Company, personal income tax paid by an estimated 240 employees, and additional contractor pay and input cost will greatly help the Montana economy.
Jerry Zieg, Senior VP shared, “The granting of the draft permit acknowledges that through our mine design we have de-risked all possible environmental impacts, a significant achievement we are very proud of. In addition, the power transmission line could potentially form a significant infrastructure upgrade to our community of White Sulphur Springs and will the increase the tax base.”
John Shanahan, CEO stated, “The support we continue to receive from businesses and rural communities in Montana has been outstanding. We remain 100% committed to bringing this extraordinary project to fruition while meeting our very clear commitment to environmental stewardship. Exhaustive technical studies to date show we can operate in an environmentally sounds way while protecting our environment. We can and will do this while providing important economic opportunities for Montana.”
