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TORONTO, Aug. 6, 2024 (GLOBE NEWSWIRE) — PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or The company”) We are pleased to announce the official submission of the “Project Notice” with Ministry of Environment, Climate Change, Wildlife and Parks (MELCCFP) at the provincial level in Quebec. This submission follows Probe’s earlier submission of the Preliminary Project Description and Detailed Project Description to the Impact Assessment Agency of Canada (IAAC) at the federal level, which are the steps required under Canadian law to advance a mining project to construction and production.
“We have now formally commenced the federal and provincial permitting process, marking a significant milestone for the Novadur Project,” said David Palmer, Chairman and CEO of PropGold. “We eagerly await guidance from both governments and look forward to working closely with stakeholders and state regulators as we navigate the environmental permitting process.”
“With this submission, we officially begin the process of obtaining provincial environmental permits in Quebec,” said Yves Desorrault, COO of Probe Gold. “Following the submission of the detailed project description earlier in the second quarter of 2024, the IAAC held public hearings on its draft impact statement guidelines. As such, we anticipate that by the end of August 2024, we will have both the federal and provincial guidelines for the EIS/EIA for the Novadour Project in place. This is a very important milestone in the development of the project and marks the end of Phase 1 at the federal level. We are very proud of this achievement, and will continue to engage with Indigenous groups and local communities to identify key priorities to make the Novadour Project a success.”
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By submitting the Project Notice, Probe notifies the Minister of its intention to implement the Novador Project. The Minister will then send guidelines outlining the elements required for the impact study. These elements include the project context, general information and consultation procedures, a description of the implementation environment and variables, identified issues, an impact analysis with proposed mitigation and compensation measures, an initial contingency plan, and initial environmental monitoring and follow-up programs.
Figure 1: The process of obtaining environmental permits at the federal and regional levels
Probe Gold will work closely with IAAC and MELCCFP throughout the environmental assessment process to ensure the responsible implementation of the Novadur Project. Indigenous groups and other stakeholders will play an important role in the development of the project, and their collaboration throughout the development of the project is essential.
About Prob Gold:
Probe Gold Inc. is a leading Canadian company focused on acquiring, exploring and developing highly promising gold properties. The company is well-funded and dedicated to exploring and developing high-grade gold projects. Notably, it owns 100% of its flagship asset, the multi-million-ounce Novadour gold project in Quebec, as well as the early-stage Detour Gold Quebec project. Probe controls a significant land package of approximately 1,685 square kilometres of exploration land within some of Quebec’s most productive gold belts. Novadour’s recently updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.
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On behalf of Probe Gold Inc.,
Dr. David Palmer
President and CEO
for further information:
Please visit our website at www.probegold.com Or contact:
Seema Sindwani
Vice President of Investor Relations
info@probegold.com
+1.416.777.9467
Forward looking data
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this press release. This press release contains certain “forward-looking statements” that are not historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words that the Company or management expects a particular condition or outcome to occur. Forward-looking statements can be identified by terminology such as “believes,” “expects,” “anticipates,” “estimates,” “may,” “could,” “will,” or “plans.” Because forward-looking statements are based on assumptions and address future events and conditions, they inherently involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company gives no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors associated with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this press release includes, but is not limited to, the Company’s objectives, future plans, statements, exploration results, potential mining, mineral resource estimates, exploration and mine development plans, timing of commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources into reserves, inability to complete a feasibility study recommending a production decision, the preliminary nature of mineral test results, delays in or failure to obtain governmental, environmental or other approvals required for the Project, political risks, inability to meet the obligation to accommodate First Nations and other indigenous peoples, uncertainty regarding the availability and cost of future financing, changes in equity markets, inflation, changes in exchange rates, commodity price fluctuations, delays in project development, capital and operating costs that differ significantly from estimates and other risks inherent in the mineral exploration and development industry, and those risks set forth in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time frames stated or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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