VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 9, 2016) – IDM Mining Ltd. (TSX VENTURE:IDM) (“IDM” or the “Company”) is pleased to announce that it has retained Wayne Corso, P.E. as Project Manager – Engineering for the Red Mountain Underground Gold project (the “Red Mountain Project”).Additionally, IDM has contracted Vertex Strategies Inc. for marketing and investor relations services, based out of Toronto.
“IDM is grateful to have retained such high quality professionals in Ms. Thaya of Vertex and Mr. Corso,” said Michael McPhie, Executive Chairman of IDM. “They will complement and help lead our existing team as we continue to rapidly advance the Red Mountain Project.”
Wayne Corso will be responsible for oversight of IDM’s anticipated Feasibility Study for the Red Mountain Project, including all aspects of mine engineering, processing, tailings management and infrastructure design as well as economic studies. Additionally, he will be responsible for cost control and optimization of major capital items, such as sourcing potential processing and mining equipment. IDM intends to complete a feasibility study for the Red Mountain Project by early 2017. Wayne will also oversee the 2016 field studies and testwork, including final metallurgical, geotechnical, hydrological, road and infrastructure studies.
Wayne has over 33 years of diverse mining engineering experience. He started his career with Homestake Mining at the company’s namesake mining operations at Lead, South Dakota. With BHP Minerals’ mine services group, he supported exploration, new business development and operations with engineering analysis and economic evaluations for various projects. He was recruited to join the bulk sampling and development team at Ekati diamond mine in Canada’s NWT where he played an instrumental role in the development of the project. Over the past decade, Wayne has been Vice-President of Engineering for JDS Energy and Mining Ltd, executing numerous successful feasibility and EPCM contracts in challenging locations. Wayne is a graduate in Mining Engineering from the Colorado School of Mines.
Ms. Shobana Thaya is the principal of Vertex Strategies Inc. (“Vertex”), a Toronto based full-service marketing communications and investor relations firm supporting key public companies to strengthen their investor relations activities and effectively communicate shareholder value for maximum exposure among analysts, portfolio managers, stockbrokers, institutional and venture capital investors, individual investors, and the media.
Effective June 7, 2016, Vertex will provide marketing and investor relations services to the Company at the base rate of $5,500 per month. Vertex will also be granted 350,000 options to purchase common shares in IDM (the “Options”). The Options are to be granted by IDM within 15 days of the effective date of the agreement with Vertex at an exercise price per share being set at the current market price of the IDM common shares. The Options will vest as follows: 25% three months after the date of the grant and an additional 25% each three month period thereafter until the options granted to Vertex are 100% vested. IDM will also reimburse Vertex for any pre-approved expenses. IDM has engaged Vertex for an initial term of one year that can be terminated at any time by either party providing 30 days notice to the other party. Vertex and its principals act at arm’s length to IDM and currently have no direct or indirect interest in the securities of IDM, or any right or intent to acquire such an interest, except as disclosed within. The agreement and grant of stock options are subject to the approval of the Exchange.
ABOUT IDM MINING LTD.
IDM Mining Ltd. is a mineral exploration and development company based in Vancouver, BC, Canada. The Company’s current exploration and development activities are focused on precious metals in British Columbia and Yukon with a primary focus on the high grade underground Red Mountain Project which has entered the BC and Canadian environmental assessment process. Further information can be found on the Company’s website at www.IDMmining.com
ON BEHALF OF THE BOARD
of IDM Mining Ltd.
“Robert McLeod”, President, CEO and Director
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the proposed exploration and development activities and their timing, resource estimates and potential mineralization and completion of the Feasibility Study. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others and in addition to those described elsewhere in this release, timing and success of future exploration and development activities, exploration and development risks, delays in obtaining or inability to obtain required government or other regulatory approvals, permits or financing, the risk of unexpected variations in mineral resources, grade or recovery rates, of failure of plant, equipment or processes to operate as anticipated, of accidents, labor disputes, and unanticipated delays in completing other development activities, the risk that estimated costs will be higher than anticipated and the risk that the proposed mine plan and recoveries will not be achieved, equipment breakdowns and bad weather, the timing and success of future exploration and development activities, exploration and development risks, mineral resources are not as estimated, title matters, third party consents, operating hazards, metal prices, political and economic factors, competitive factors and general economic conditions. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: required regulatory approval, permits and financing will be obtained; the proposed exploration and development will proceed as planned; with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based; that the proposed mine plan and recoveries will be achieved, that capital costs and sustaining costs will be as estimated, and that no unforeseen accident, fire, ground instability, flooding, labor disruption, equipment failure, metallurgical, environmental or other events that could delay or increase the cost of development will occur, and market fundamentals will result in sustained metals and minerals prices. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.