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Sandfire Resources America Inc. is a mining company based in White Sulphur Springs, Montana. The company has recently received a positive ruling from the Montana Supreme Court to reinstate the Mine Operating Permit for the Black Butte Copper Project, allowing for the construction of an underground copper mine. Sandfire America has successfully defended its permit in court, emphasizing safety and environmental protection in its operations. The company is committed to advancing the Black Butte Copper Project responsibly and sustainably.
With all necessary permits in place for the project, including water rights agreements, Sandfire America is poised to move forward with its mining operations. The company maintains a rigorous QA/QC protocol for its drilling and sampling processes to ensure the accuracy and reliability of its data. Sandfire America's dedication to safety, environmental stewardship, and community engagement sets it apart as a leader in the mining industry.
On December 13, 2022, at the Annual General Meeting of Shareholders, Sandfire Resources America announced that its shareholders approved a new 2.5% long-term incentive plan. This plan is detailed in the management information circular dated November 3, 2022, which is available on SEDAR under Sandfire America's profile. The approval of this plan aims to align shareholder interests with management performance, enhancing growth and value for investors.
Sandfire Resources America has received permits from the Montana Department of Natural Resources and Conservation for groundwater use at the Black Butte Copper Project. These permits allow the company to divert groundwater for the Johnny Lee copper deposit and store high-water flows. Despite objections to the permits, most have been resolved, with one remaining issue under judicial review. The company plans to begin Phase II construction of mining operations, pending resolution of this objection and additional regulatory requirements.
Sandfire Resources America has reported significant diamond drill results from its Black Butte Copper Project's Lowry Resource Definition program. Conducted between September 2021 and March 2022, the program included 16 new core holes totaling 8,936 meters. Notable drill highlights include 36.3 meters of 2.86% copper and 16.5 g/t silver in the Lowry Middle Copper Zone and 13.51 meters of 3.93% copper in the Lowry Lower Copper Zone. These results are expected to support a Pre-Feasibility Study in 2023, enhancing the project's economic viability and environmental sustainability.
Sandfire Resources America announces that a District Court order allows the completion of Phase I Construction at the Black Butte Copper Project under existing permits. Despite ongoing disagreements with a previous April ruling, the company expresses satisfaction with the judge's decision. This comes after a lawsuit alleging violations of environmental regulations related to the permit. The company seeks to appeal the April ruling while progressing with additional analyses for future authorizations from the Montana DEQ.
Sandfire Resources America announced a variation to its bridge loan agreement, increasing the borrowing capacity from US$12 million to US$22 million and extending the loan maturity date to June 30, 2023. This agreement is with its largest shareholder, Sandfire BC Holdings, and its subsidiary, Tintina Montana. All other terms of the original bridge loan remain unchanged, and no securities will be issued under this agreement.
Sandfire Resources America announced the outcome of a legal challenge regarding its Mine Operating Permit. The Montana District Court ruled on April 8, 2022, in favor of the plaintiffs, stating the Montana DEQ violated the Montana Metal Mines Reclamation Act and Montana Environmental Policy Act. This ruling may impact the development timeline for Sandfire's Black Butte Copper Project. The company plans to evaluate the decision and strategize accordingly. Senior VP Jerry Zieg stated confidence in the project's regulatory compliance and safety standards.
Sandfire Resources America announces the appointment of Lincoln Greenidge as its new Chief Financial Officer. With over 30 years of experience at notable firms like IAMGOLD and HudBay Minerals, Greenidge has a proven track record in the mining and financial sectors. He succeeds John McGonigle, who has resigned and will be missed for his contributions. CEO Rob Scargill expressed confidence in Greenidge’s capabilities to enhance the company’s Black Butte development plans.
Sandfire Resources America announced that disinterested common shareholders approved the Omnibus Share Incentive Plan at the Annual General Meeting on December 9, 2021. The Plan is detailed in the management information circular dated November 1, 2021, and further information can be found on SEDAR.
Sandfire Resources America announced a bridge loan agreement with its major shareholder, Sandfire BC Holdings, and its subsidiary, Tintina Montana. The loan totals up to US$12 million at an interest rate of 5% per annum, maturing by June 30, 2022. The funds will support the Black Butte Copper Project and working capital. Sandfire Resources America will act as guarantor, with no company securities issued under this agreement. The transaction requires approval from the TSX Venture Exchange.
Sandfire Resources America Inc. has made significant progress on its Black Butte Copper Project in Montana, acquiring a 534.9-acre surface property from Bar Z Ranch Inc. This acquisition is vital as it supports the infrastructure for the approved Johnny Lee Deposit. The project has faced a legal challenge, but construction is ongoing. The company requires an additional US$12 million in funding for further developments. This project aims to balance mining and ranching activities while creating jobs in the region.
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