Yellowhead talks rejection of Harper Creek in Q2 report
2018-08-22 16:54 ET - News Release
Mr. Darryl Coates reports
Yellowhead Mining Inc. has released its results of operations for the three and six months ended June 30, 2018.
Results of operations for the three and six months ended June 30, 2018
For the full unaudited interim consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2018, please see SEDAR.
Highlights and outlook for 2018 include the following.
On Aug. 1, 2018, the company closed a rights offering for $1,051,935, which netted approximately $1-million. These funds will be used to pay existing payables and to provide working capital for the next 12 months. Further additional financng will be required by the company to complete its strategic objective of developing the project.
With regard to the ability of the company to complete the environmental permitting for the Harper Creek project, the company had requested an extension to April 15, 2019, from the B.C. government.
On July 19, 2018, the company reported the decision by the B.C. Environment Ministry on the company's request for an extension for its environmental assessment application had been denied. The B.C. Environmental Assessment Office (B.C. EAO) decided not to grant the company's extension request and terminated the company's environmental assessment application. Its letter to the company is available on the B.C. EAO website.
For environmental permitting purposes, it appears that the company would need to begin a new environmental application process, which incorporates the new proposed federal and provincial regulatory requirements. These requirements are currently scheduled to be effective April/May, 2019. The company will give consideration to the merits of this approach. The minimum time frame required for a new environmental assessment application process, including the collection and incorporation of fresh baseline environmental data and first nation consultation, would be three to four years. Further additional financing will be required by the company to complete this strategic objective, as well as to construct the mine.