TORONTO, July 17, 2018 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (TSX-V:TLG) (“Troilus Gold” or the “Company”) has adopted the Pre-Development Agreement (the “PDA”) with the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istche) and the Cree Nation Government previously negotiated with Sulliden Mining Capital Inc.
Through the PDA, the parties have agreed to facilitate in a cooperative and mutually respectful relationship to promote the exploration and pre-development activities of Troilus Gold on and in respect of the Troilus project. The PDA sets out a framework for the parties to continue their on-going relationship in a mutually beneficial manner, all in the interest of re-establishing a successful mining project at Troilus.
The PDA lays out the business and employment opportunities for the Crees regarding the Troilus Gold pre-development activities, the completion of a comprehensive business and employment capacity to study and assess the potential for Cree business and employment opportunities from an eventual mine at the Troilus project and, when appropriate based on the activities of Troilus Gold relating the project, the hiring of a community member as an environmental monitor.
The Crees have agreed to support the Troilus project and should Troilus Gold advance the project sufficiently, to cooperate with Troilus Gold in the preparation of all necessary environmental and social impact assessment studies relating to the project and to use their best efforts to ensure that the project proceeds through the environmental and social assessment process provided for the James Bay and Northern Québec Agreement and that Troilus obtains all related governmental approvals.
The PDA illustrates the completion of an Impacts and Benefits Agreement upon the demonstration of the economic viability of the Troilus project with the completion of a positive pre-feasibility study.
Justin Reid, Troilus’s CEO stated: “We are very pleased to announce the signing of the pre-development agreement with the Cree Nation of Mistissini, The Grand Council of the Crees (Eeyou Istche) and the Cree Nation Government. We look to continue the excellent rapport of our predecessors Inmet Mining and First Quantum with the renewal of the Troilus project in the spirit of cooperation and mutual benefit for all stakeholders.”
“This is an important step and marks the beginning of a collaborative and mutually respectful relationship between the Crees and Troilus, a relationship based on an alignment of interests, founded on environmental and economic sustainability and the respect of Cree rights,” said Dr. Abel Bosum, Grand Chief of the Grand Council of the Crees (Eeyou Istchee). “It demonstrates the very essence of social acceptability and that the respect for Aboriginal rights and natural resources development can go hand-in-hand.”
Mr. Richard Shecapio, Chief of the Cree Nation of Mistissini, stated: "The Cree Nation of Mistissini welcomes the approach taken by Troilus Gold regarding the Troilus Project. This approach, based on building a respectful and mutually beneficial relationship, takes into consideration our interests, our values, our culture, and our way of life. This is how long-lasting partnerships are built."
About Troilus Gold Corp.
Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 4,700-hectare Troilus property is located Northeast of the Val-d’Or district, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1997 to 2010, Inmet Mining Corporation operated the Troilus project as an open–pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.
Qualified Person The technical and scientific information in this press release has been reviewed and approved by Blake Hylands, P.Geo., who is a Qualified Person as defined by National Instrument 43-101. Mr. Hylands is an employee of Troilus and is not independent of the Company under National Instrument 43-101
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Cautionary statement regarding forward-looking information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the impact of the pre-development agreement on the Company, Troilus’ plans for developing its properties and the receipt of any required approvals. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of the appointments on the Company, receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages, and other risks of the mining industry. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Pitchblack and Troilus do not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither 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.