Montana Permitting: Montana Regulation - In 1998, Montana's voter initiative banned the use of cyanide in open pit cyanide-leach gold and silver mining for new operating permits. ESRI's Solution - Redesign mine plans utilizing underground mining methods and conventional milling scenarios. Permitting Results - ESRI has operating permits for Golden Dream Mine, the Montana Tunnels Mine, and the Diamond Hill Mine from the MDEQ and the BLM.
EGI - Elkhorn Property History: Located in Elkhorn Mining District, Jefferson County, Montana, the original Elkhorn mine discovered Silver, Lead & Gold in the 1870s; silver & lead mining ran sporadically through the 1940s; modern exploration techniques lead to the discovery of the Carmody gold mine in 1984 by Gold Fields Mining Corp., and concentrated exploration began; since the mid-1980s exploration including approximately 500,000 feet of drilling by mining majors, including Gold Fields Corp., Santa Fe Pacific, and Newmont Corp. have outlined a mineral resource of 1.653 million ounces(3) of gold contained in four mineralized deposits within the Elkhorn Property boundaries; in 1996, Santa Fe Pacific Gold completed a resource estimate for the Sourdough/Golden Dream Deposit; the initial mine target, the Golden Dream Mine, develops approximately 20% of the known Elkhorn gold resources; EGI purchased the Elkhorn Property from Newmont Corp. in 1998; East Butte, Carmody and Gold Hill expansion planned for after development of Golden Dream Mine; and on November 30, 2011, EGI received its operating permit for the Golden Dream Mine from the MDEQ.
The Golden Dream Mine: March 2006, EGI commenced work on the Golden Dream Mine Exploration Permit, which was granted by the MDEQ in May 2006; autumn 2006, EGI commenced work on the Golden Dream Mine plan, confirmation drilling and Full Operating Permit. The Permit was granted on July 18, 2008 by the MDEQ; November 2011, EGI put in place the $591,474 reclamation bond and commenced construction of the Golden Dream Mine; December 2011, Golden Dream Mine intercepted the ore body as targeted; and Golden Dream Mine estimated to be to reach full production within one year of production financing.
Golden Dream Mine Development Plan: EGI is implementing a staged expansion at the Golden Dream Mine: 1) Install water treatment system -- Originally, it was believed EGI could successfully mine the oxide zone prior to the installation of the water treatment system. However, water was encountered above the water table, but within the oxide zone. The water treatment system was completed in March 2012 and is now operational. 2) Beginning Q3 2013, extend primary access ramp at Golden Dream Mine to reach deeper ore zones (Drill intercepts suggest ore grade mineralization to depths of 1,200 feet below the surface (the current Golden Dream Plan extends to a depth of approximately 850 feet below the surface). 3) Diamond Hill mill will be fully refurbished and $5 million in bonding will be placed with the MDEQ before start up. 4) A "bore" raise will be completed from surface into the main access ramp as a secondary egress -- Full production expected to be achieved within one year of production financing, now anticipated to be in Q2 2014, six months from initial mining. 5) Re-commission the Mill Complex at Montana Tunnels to allow for the processing of ore shipments.
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