VANCOUVER, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Midas Gold Corp. (TSX:MAX)
(OTCQX:MDRPF) today reported that Idaho’s House of Representatives and Senate passed, with overwhelming support, a joint memorial
asking the President of the United States, Idaho’s congressional delegation, the Administrator of the Environmental Protection
Agency, the Secretary of the Interior and the Secretary of Agriculture to take the steps necessary to approve Midas Gold’s Stibnite
Gold Project (“Project”) in a timely and cost-effective manner. Seventy-one lawmakers signed on as co-sponsors of the joint
memorial (the “Memorial”), including leadership in the Republican and Democrat caucuses in both houses. Midas Gold is
currently working with the U.S. Forest Service and other federal, state and local agencies to redevelop a portion of the historic
Stibnite Mining District and reclaim and restore areas that have been impacted by legacy mining operations.
“We appreciate the unprecedented support we’ve received from Idaho’s Republicans and Democrats and thank them
for their request for a timely review and approval of the Stibnite Gold Project,” said Laurel Sayer, CEO of Midas Gold Idaho, the
Project operator. “We strongly believe that every step of the process must take place, from a full regulatory review in compliance
with the National Environmental Policy Act to gathering input from Idahoans. Permitting a mine in the U.S. can take considerably
longer than other countries with comparable environmental standards; a timely review would allow environmental restoration work to
commence sooner and economic development to benefit the local communities, Idaho and the nation.”
"The Stibnite Gold Project will be an economic win for Idaho and provide a huge opportunity for many families in
my district and across the state,” said Representative Terry Gestrin (R-Donnelly), lead sponsor of the memorial. “The Project will
be a $1 billion investment in Idaho and bring hundreds of well-paying jobs to rural communities. These are jobs and this is an
industry that people in Idaho welcome.”
Site History & Restoration Solutions
The Stibnite Mining District was abandoned after more than a century of mining activity prior to Midas Gold
becoming involved in the area. Much of the mining disturbance took place in the 1920s to 1950s, well before modern state and
federal regulations existed, so the area was never properly reclaimed. Today, millions of tons of unconstrained tailings remain at
the site, native fish have been unable to swim through the site for more than 80 years and waterways and water conditions in the
East Fork of the South Fork of the Salmon River are impaired. With modern mining techniques, Midas Gold can redevelop the site and
finally restore it, correcting the legacies of the past. The plan of restoration and operations filed with the US Forest
Service in September 2016 outlines how Midas Gold will reconnect salmon to their native spawning grounds, rehabilitate 13-miles of
stream channels, and improve water quality in the area by reducing erosion from disturbed areas, reprocessing and safely storing
the tailings that are a likely source of metals leaching into surface and groundwater.
“Midas Gold’s plan of restoration and operations for the Stibnite Gold Project presents a unique opportunity for
industry to work with the environmental community and regulators to repair the legacy of historical mining activities and restore a
site impacted by past mining,” said Stephen Quin, President & CEO of Midas Gold Corp. “Having the support of the community
and the bipartisan support expressed by both houses in this Memorial is a recognition of this potential for shared goals and a
collaborative approach to the future benefit of both the economy and the environment.”
Bonding
In its plan of restoration and operations, Midas Gold has prioritized the repair and restoration of legacy
impacts. In addition, regulations in place today would require Midas Gold to set aside the funds necessary to cover the cost
of environmental cleanup before restarting mining. This ensures that, even if the unexpected happens, the historic Stibnite Mining
District would finally be restored. However, without the Project, and the private investment it brings, there is little hope
on the horizon that Stibnite will be restored.
Critical Metals
The Stibnite Gold Project will produce gold, silver and antimony. Antimony is considered a critical mineral for
the United States because of its use in flame retardants and as a metal strengthener – which makes it essential to the defense and
energy sectors. When permitted, the Stibnite Gold Project would be the only domestic source of mined antimony. The U.S. currently
imports most of this mineral from China – which controls over 80 percent of the world’s antimony production. According to the
U.S. Geologic Survey, American dependence on foreign minerals has doubled in the last 20 years.
The Memorial
In the joint House and Senate Memorial Idaho lawmakers sent to the President and other federal officials today,
they wrote that they believe that Midas Gold’s commitment to mine in a way that restores and protects the environment can serve as
a global template for the industry. The Memorial also recognized Midas Gold’s involvement in the community, commitment to building
a mine that will help the community and the environment, and the dedication to being a partner with local communities proves Midas
Gold has the right team to undertake this Project. They ended the memorial by asking federal agencies to commit adequate resources
and knowledgeable staff to thoroughly review the Company’s plan under the National Environmental Policy Act requirements and to
move forward to approve the Stibnite Gold Project in a timely and cost-effective manner to permit the redevelopment and restoration
of the site.
Timing
Currently, Midas Gold expects the next comment period on their plan of restoration and operations to be around
the end of 2018.
More Information
Details of the previous news releases, the Project and the 2014 Preliminary Feasibility Study can be found filed
under Midas Gold’s profile on SEDAR (www.sedar.com) or at
www.midasgoldcorp.com. A copy of Midas Gold’s Plan
of Restoration and Operations can also be found on Midas Gold Idaho’s website at www.midasgoldidaho.com.
For further information about Midas Gold Corp., please contact:
Liz Monger – Manager, Investor Relations
(t) 778.724.4704
(e): info@midasgoldcorp.com
www.facebook.com/midasgoldidaho
@MidasIdaho
www.midasgoldcorp.com
About Midas Gold
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Idaho, Inc., Idaho Gold Resources, LLC and
Stibnite Gold Company, is focused on the exploration and, if warranted, development of deposits in the Stibnite‐Yellow Pine
district of central Idaho that comprise the Stibnite Gold Project. The principal gold deposits identified to date within the
Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors,
as well as a mineral resource contained in Historic Tailings.
As operator of the Project, Midas Gold Idaho is a modern mining company that believes industry and the
environment can work together. In 2011, the Donnelly-based company defined a world-class deposit of gold and antimony in an area in
need of serious environmental repair. Midas Gold Idaho’s Stibnite Gold Project would restore the site, create economic opportunity
and benefit the surrounding community. Currently, the company is working with the U.S. Forest Service to permit the Project.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or
"forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities
legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is
not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future
economic conditions and courses of action including actions taken with the goal of improving, expanding and de-risking previously
defined mineral resources; the timing and availability of future drill results; the potential for antimony production from the
Project; the anticipated completion of a feasibility study and filing of a NI 43-101 technical report in conjunction therewith;
potential sites for additional drilling that could result in potential improved confidence, enhanced economic returns and/or
extending higher grade areas. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such
as “once”, “estimates", "potential", "confirm", “if” or variations of such words and phrases or statements that certain actions,
events or results "may", "could", "would", "might" "be achieved". In preparing the Forward-Looking Information in this news
release, Midas Gold Corp. (the “Corporation”) has applied several material assumptions, including, but not limited to, that pending
drill results will be available in a timely manner without undue delay; that areas identified as potential sites for additional
drilling will yield results consistent with management's expectations based on the 2014 PFS; any additional financing needed will
be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Corporation's
expectations; that the current objectives concerning the Stibnite Gold Project can be achieved and that its other corporate
activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general
business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for
the planned activities on the Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of
the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known
and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the
Corporation to be materially different from any future results, performance or achievements expressed or implied by the
Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks
identified in the 2014 PFS and summarized above; risks related to the availability of financing on commercially reasonable terms;
operations and contractual obligations; changes in exploration programs based upon results of exploration, including drill results;
changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors;
availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural
phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters
under US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and
potential consent decrees on the Corporation's planned exploration and development activities on the Stibnite Gold Project;
certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral
prices; the Corporation's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain
commercial viability of certain mineral deposits; the Corporation's lack of operating revenues; governmental regulations and the
ability to obtain necessary licenses and permits; risks related to mineral properties being subject to prior unregistered
agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations
and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business
and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be
incorrect; as well as those factors discussed in the Corporation's public disclosure record. Although the Corporation has attempted
to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ
materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking 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. Except as required by law, the Corporation does not assume
any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
