Received by email:
File: MGP Permit Status Update October 1 2014 FINAL.v4.docx
Minnova Provides Ragged TDA Permit Status and Project Development Update
Toronto, Ontario, October 1, 2014 - Minnova Corp. (TSXV: MCI, "Minnova" or "the Company"), in response to our request
--->for clarification on the status of the designated Ragged Tailings Deposition Area (Ragged TDA), has been advised by En
--->vironment Canada (EC) in collaboration with Fisheries and Oceans Canada (DFO) on September 30, 2014 that because fish
--->now occur within the Ragged TDA, they consider the Ragged TDA to be a body of water frequented by fish. As such, Envi
--->ronment Canada stated the "Ragged TDA will require a listing on Schedule 2 of the Metal Mining Effluent Regulations (M
--->MER)". In order to achieve a Schedule 2 listing, the company will be required to submit an Assessment of Alternatives
--->report to determine if the Ragged TDA is in fact the best option for deposition of new tailings. The assessment will
--->consider all possible alternatives for safe, long term tailings storage from environmental, socio-economic and technic
--->al perspectives. This report and subsequent listing process should not delay the planned use of Ragged TDA for tailin
--->gs storage which in any event was not planned to occur until late in H2 2015.
Ragged TDA Status and Path Forward
Gorden Glenn, Minnova President & CEO, said "Environment Canada's feedback and decision on this matter provides greate
--->r clarity on the status of the Ragged TDA and the requirements to re-establish the Ragged TDA as a fully permitted tai
--->lings deposition area. It also establishes clear reporting and approval timelines that allow the Company to continue
--->to advance on various financing discussions and development plans, currently underway, while we proceed to comply with
---> these federal requirements. I am confident that we will be able re-confirm the Ragged TDA is in fact the best site fo
--->r tailings and stay on track to achieve our goal of re-starting mining operations and achieving gold production at the
---> Maverick Gold Project as soon as H2 2015."
Environment Canada in association with the DFO has advised the Company that it is committed to initiating the review/s
--->creening process as soon as it receives the Company's completed Alternatives Assessment Report, and that the review/sc
--->reening process would be completed within approximately three months of its receipt.
Minnova intends to initiate the report immediately and will engage consultants, as required, with the goal of submitti
--->ng its Alternatives Assessment Report to Environment Canada and the DFO before the end of October 2014. Environment Ca
--->nada and the DFO further advise that, under normal circumstances, the MMER Schedule 2 process takes six to eight month
--->s to complete after the conclusion of the federal review/screening process. Upon successful completion of the federal
--->regulatory processes the company would again be allowed to use the Ragged TDA as a fully licensed tailings management
--->facility.
Minnova is already in possession of a valid Manitoba Environment Act License No. 1207E which allows, from Manitoba's p
--->erspective, the operation of an underground mine and mill and the deposition of tailings in the Ragged TDA. Manitoba'
--->s Director of Environmental Approvals confirmed our License in a letter dated May 17, 2012.
Modified Development Plans
As previously disclosed (May 22, 2014) the Company submitted a Notice of Alteration (NOA) to Manitoba Conservation and
---> Water Stewardship to approve the addition of open pits as part of our re-start plans. As part of the regulatory revi
--->ew process the NOA was subject to inter-agency review (Canada Environmental Assessment Agency or "CEAA") and public co
--->nsultation process. While no feedback was received from the public consultation process, CEAA has requested that the
--->Company submit a Project Description, based on our 900 tpd open pit and underground development scenario, as outlined
--->in our July 9, 2014 Updated Preliminary Economic Assessment (Updated PEA).
After reviewing the Updated PEA and additional detailed mine development information provided by Minnova Corp., CEAA h
--->as determined that the proposed re-start of the PL Mine "is a designated activity pursuant to paragraph 16(c) of the R
--->egulations Designating Physical Activities (the Regulations) under the Canadian Environmental Assessment Act, 2012 (CE
--->AA 2012)".
16(c). The construction, operation, decommissioning and abandonment of a new rare earth element mine or gold mine, oth
--->er than a placer mine, with an ore production capacity of 600 tonnes per day or more;
The Agency made this determination considering the following factors:
The mine has not been in operation since 1989. The re-opening of the mine in addition to the development of five open
--->surface mining pits, a potential acid generating waste rock stockpile, four overburden and non-acid generating rock st
--->ockpiles, on site haulage roads and upgrades to existing access roads constitutes a new mine for the purposes of parag
--->raph 16(c) of the Regulations.
The cumulative design production capacity (resuming underground mine ore production with new surface mine production)
--->of 900 t/day exceeds the 600 t/day threshold in paragraph 16(c) of the Regulations.
This was an unexpected request as the Company does not believe that this section of the CEAA 2012 regulations applies
--->to the re-start of mining at past producing operations such as the PL Mine. As a result of this request from CEAA and
--->factoring in other technical and project economics criteria, the Company is reviewing our re-start plans with Manitoba
---> and Federal regulators and considering our alternatives which are:
Submit a Project Description, as requested by CEAA, which could result in a full environmental assessment and commensu
--->rate consultation process that could delay project development by over 2 years
Revise our mine development plans to an underground only mining operation with a production rate of less than 600 t/da
--->y and therefore not trigger paragraph 16(c) of the Regulations
Seek a review by the Federal Court as to CEAA's application of paragraph 16(c) of the Regulations
Gorden Glenn commented "while we dispute CEAA's assessment that our planned re-start of the PL Mine is a "new" mine, w
--->e believe the best course of action for our shareholders and all stakeholders is to achieve the shortest possible deve
--->lopment timetable within the existing regulatory environment. We will take the necessary steps that provide a clear d
--->evelopment timeline that will enable us to advance our financing and development efforts under a plan that is, to some
---> extent, entirely within our control."
Should the Company opt to re-start the mine as an underground only operation (see Cautionary Statement 1, below) we be
--->lieve we can still achieve a short development schedule as the PL deposit is already partially developed with 7,000 me
--->ters of existing underground development accessed via an existing portal. Much of the 537,000 ounces of contained gol
--->d in the mine plan, as defined in the July 2014 Updated PEA (see Cautionary Statement 2, below), are located between s
--->urface and -100 meters vertical. As such we do not believe our efforts to optimize the MGP's after-tax NPV5% of $83.3
---> million by incorporating 5 shallow open pits on the PL deposit will be materially impacted by a revised underground o
--->nly PL deposit mine plan. For example, under the current underground mine plan, approximately 250,000 ounces or 54%
--->of the forecast 462,000 contained ounces in the current PL Deposit underground mine plan occur between surface and -10
--->0 meters (approximately 43% occur between -100m and -200m). We estimate that we can mine approximately 50% of the cur
--->rent 43,000 contained ounces of gold forecast to be produced from the open pit mine plan on the PL deposit in years +1
---> through 4 via shallow underground mining methods with minimal disruption the overall mine plan.
On this point ACA Howe has been engaged to complete a new underground only mining scenario that will maximize the extr
--->action rate of the near surface PL deposit gold resources.
A revised, underground only, re-start plan is a viable option that would avoid unnecessary regulatory delays and confo
--->rms with our existing provincial license to advance the project in this manner.
Gorden Glenn stated, "With clear guidance from Environment Canada and a reasonable (~12 month) timeline to have the Ra
--->gged TDA added to Schedule 2 of the MMER, and the ability to revise our re-start plans as an underground only operatio
--->n, we are in a strong position to advance our various financing and M+A discussions and initiate site work toward our
--->stated goal of initial production as early as H2 2015. Minnova remains committed to best practices in environmental ma
--->nagement and we look forward to cooperating with all federal and provincial regulatory agencies to ensure we are in fu
--->ll compliance with CEAA 2012, the Metal Mining Effluent Regulations and all applicable provincial laws, as we are obli
--->ged to under our existing Environment Act Licence No. 1207E."
Ragged Tailings Deposition Area History
The following is a brief summary of the history of the Ragged TDA and the process that led to the EC/DFO's decision. T
--->he trigger for the decision by EC is that the Ragged TDA now represents a "water frequented by fish" as fish were foun
--->d by Minnova in the Ragged TDA during an August 2014 fish population study requested by the EC in June 2014.
The Company believes that fish were able to enter the Ragged TDA over the existing discharge control weir structure du
--->ring a seasonal high water period at some point after the mine was placed on care and maintenance following the cessat
--->ion of mining activities in April 1989.
Despite the occurrence of fish in the Ragged TDA, AECOM concluded that the "Ragged TDA does not support a commercial,
--->recreational, or Aboriginal fishery."
AECOM's work and their conclusion build on the historical studies that originally supported the creation of the Ragged
---> TDA in January 1989 (the start of original mining operations by Pioneer Metals). Following an extensive Environmenta
--->l Impact Statement (Ilam 1987) that concluded "no significant fisheries resource would be lost" then Manitoba Minister
---> of Natural Resources, Jack Penner, in a letter to then Minister of Fisheries and Oceans, The Honorable Mr. Tom Siddon
--->, stated that "his department has concluded that Ragged Lake is the most suitable tailings disposal area available" an
--->d he requested that Tom Siddon designate it for use a tailings facility under section 33.1 of the Fisheries Act.
In Honorable Minister Siddon's response letter, duly authorizing the use of Ragged Lake as a tailings management facil
--->ity, he confirmed that "My regional officials are satisfied with your assessment that no significant fishery will be l
--->ost as a result of the designation [as a tailings facility]" he further commented that the use of Ragged Lake as the t
--->ailings impoundment area for the Puffy Mine will "result in the permanent loss of Ragged Lake as a natural resource an
--->d the associated fisheries resource."
The Ragged TDA has remained licensed continuously by the Province since 1988 and most recently, in May 17, 2012, Manit
--->oba's Director of Environmental Approvals issued a letter requiring that, in operating the Ragged TDA, we comply with
--->Clauses 6 and 7 of the Manitoba license by meeting all the criteria set out in the MMER.
Cautionary Statement 1
The Company has not made a production decision at this time. However, readers should note that the Company has not co
--->mmissioned a "feasibility study" and, in the event that the Company makes a production decision based on the informati
--->on currently available to it, the Company will be making its production decision without a feasibility study of minera
--->l reserves demonstrating economic and technical viability. As such there is an increased uncertainty of the MGP econo
--->mic forecasts, as previously disclosed in the July 9, 2014 Updated Preliminary Economic Assessment and increased techn
--->ical risks of failure.
Cautionary Statement 2
It should be noted that the preliminary economic assessment prepared by the Company is preliminary in nature and it in
--->cludes inferred mineral resources that are considered too speculative geologically to have the economic considerations
---> applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the prel
--->iminary assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic
---> viability.
Qualified Person
The Company's Qualified Person ("QP") for the drill program at the Maverick Gold Project is Brian Robertson, B. Sc., P
--->. Eng.. As QP, Mr. Robertson has prepared or supervised the preparation of the scientific or technical information fo
--->r the property and has verified the data disclosed in this press release.
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Mine and expanding gold resources on
---> its PL and Nokomis gold deposits (collectively the "Maverick Gold Project"). The Company has completed an Updated PEA
---> which supports average annual production of 48,100 ounces over a +10 year mine life. Work to date strongly supports
--->advancing the project toward production with an initial program of underground test mining and completion of a Feasibi
--->lity Study to bring the PL Mine back into production. The PL Mine includes a 1,000 tpd flotation mill with a replaceme
--->nt value in excess of $50 million, over 7,000 meters of developed underground ramp to 135 metres depth, is fully road
--->accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greensto
--->ne Belt of Central Manitoba.
For more information please contact:
Minnova Corp. Gorden Glenn
Chairman, President and CEO gglenn@minnovacorp.ca Phone: +1 (647) 985 2785 info@minnovacorp.ca http://www.minnovacor
--->p.ca
CHF Investor Relations
Cathy Hume
CEO
Tel: +1 (416) 868 1079 ext.231
Email: cathy@chfir.com
www.chfir.com
Renmark Financial Communications Inc. Barry Mire: bmire@renmarkfinancial.com Laurence A. Lachance: llachance@renmarkf
--->inancial.com Tel.: +1 (416) 644 2020 or +1 (514) 939 3989 www.renmarkfinancial.com
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislat
--->ion. Forward-looking information includes, but is not limited to, information regarding the Company including manageme
--->nt's assessment of future plans and operations, that may involve risks associated with mining exploration and developm
--->ent, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risk
--->s, access to labour and services, competition from other companies and ability to access sufficient capital. As a cons
--->equence, actual results may differ materially from those anticipated in the forward looking statements. A feasibility
--->study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed op
--->erations will be economically viable. Although Minnova has attempted to identify important factors that could cause a
--->ctual results to differ materially from those contained in forward-looking information, there may be other factors tha
--->t cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will
--->prove to be accurate, as actual results and future events could differ materially from those anticipated in such infor
--->mation. Accordingly, readers should not place undue reliance on forward-looking information. Minnova does not undertak
--->e to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
--->Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
File: MGP Permit Status Update October 1 2014 FINAL.v4.pdf
`
Minnova Provides Ragged TDA Permit Status and Project Development Update
Toronto, Ontario, October 1, 2014 � Minnova Corp. (TSXV: MCI, "Minnova" or "the Company"), in
response to our request for clarification on the status of the designated Ragged Tailings Deposition Area
(Ragged TDA), has been advised by Environment Canada (EC) in collaboration with Fisheries and Oceans
Canada (DFO) on September 30, 2014 that because fish now occur within the Ragged TDA, they consider
the Ragged TDA to be a body of water frequented by fish. As such, Environment Canada stated the
"Ragged TDA will require a listing on Schedule 2 of the Metal Mining Effluent Regulations (MMER)". In
order to achieve a Schedule 2 listing, the company will be required to submit an Assessment of
Alternatives report to determine if the Ragged TDA is in fact the best option for deposition of new tailings.
The assessment will consider all possible alternatives for safe, long term tailings storage from
environmental, socio-economic and technical perspectives. This report and subsequent listing process
should not delay the planned use of Ragged TDA for tailings storage which in any event was not planned
to occur until late in H2 2015.
Ragged TDA Status and Path Forward
Gorden Glenn, Minnova President & CEO, said "Environment Canada's feedback and decision on this
matter provides greater clarity on the status of the Ragged TDA and the requirements to re-establish the
Ragged TDA as a fully permitted tailings deposition area. It also establishes clear reporting and approval
timelines that allow the Company to continue to advance on various financing discussions and
development plans, currently underway, while we proceed to comply with these federal requirements. I
am confident that we will be able re-confirm the Ragged TDA is in fact the best site for tailings and stay
on track to achieve our goal of re-starting mining operations and achieving gold production at the
Maverick Gold Project as soon as H2 2015."
Environment Canada in association with the DFO has advised the Company that it is committed to
initiating the review/screening process as soon as it receives the Company's completed Alternatives
Assessment Report, and that the review/screening process would be completed within approximately
three months of its receipt.
Minnova intends to initiate the report immediately and will engage consultants, as required, with the goal
of submitting its Alternatives Assessment Report to Environment Canada and the DFO before the end of
October 2014. Environment Canada and the DFO further advise that, under normal circumstances, the
MMER Schedule 2 process takes six to eight months to complete after the conclusion of the federal
review/screening process. Upon successful completion of the federal regulatory processes the company
would again be allowed to use the Ragged TDA as a fully licensed tailings management facility.
Minnova is already in possession of a valid Manitoba Environment Act License No. 1207E which allows,
from Manitoba's perspective, the operation of an underground mine and mill and the deposition of
tailings in the Ragged TDA. Manitoba's Director of Environmental Approvals confirmed our License in a
letter dated May 17, 2012.
Modified Development Plans
As previously disclosed (May 22, 2014) the Company submitted a Notice of Alteration (NOA) to Manitoba
Conservation and Water Stewardship to approve the addition of open pits as part of our re-start plans.
As part of the regulatory review process the NOA was subject to inter-agency review (Canada
Environmental Assessment Agency or "CEAA") and public consultation process. While no feedback was
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
`
received from the public consultation process, CEAA has requested that the Company submit a Project
Description, based on our 900 tpd open pit and underground development scenario, as outlined in our
July 9, 2014 Updated Preliminary Economic Assessment (Updated PEA).
After reviewing the Updated PEA and additional detailed mine development information provided by
Minnova Corp., CEAA has determined that the proposed re-start of the PL Mine "is a designated activity
pursuant to paragraph 16(c) of the Regulations Designating Physical Activities (the Regulations) under the
Canadian Environmental Assessment Act, 2012 (CEAA 2012)".
16(c). The construction, operation, decommissioning and abandonment of a new rare earth
element mine or gold mine, other than a placer mine, with an ore production capacity of 600
tonnes per day or more;
The Agency made this determination considering the following factors:
1. The mine has not been in operation since 1989. The re-opening of the mine in addition to
the development of five open surface mining pits, a potential acid generating waste rock
stockpile, four overburden and non-acid generating rock stockpiles, on site haulage roads
and upgrades to existing access roads constitutes a new mine for the purposes of paragraph
16(c) of the Regulations.
2. The cumulative design production capacity (resuming underground mine ore production
with new surface mine production) of 900 t/day exceeds the 600 t/day threshold in
paragraph 16(c) of the Regulations.
This was an unexpected request as the Company does not believe that this section of the CEAA 2012
regulations applies to the re-start of mining at past producing operations such as the PL Mine. As a result
of this request from CEAA and factoring in other technical and project economics criteria, the Company is
reviewing our re-start plans with Manitoba and Federal regulators and considering our alternatives which
are:
� Submit a Project Description, as requested by CEAA, which could result in a full environmental
assessment and commensurate consultation process that could delay project development by over
2 years
� Revise our mine development plans to an underground only mining operation with a production
rate of less than 600 t/day and therefore not trigger paragraph 16(c) of the Regulations
� Seek a review by the Federal Court as to CEAA's application of paragraph 16(c) of the Regulations
Gorden Glenn commented "while we dispute CEAA's assessment that our planned re-start of the PL Mine
is a "new" mine, we believe the best course of action for our shareholders and all stakeholders is to
achieve the shortest possible development timetable within the existing regulatory environment. We will
take the necessary steps that provide a clear development timeline that will enable us to advance our
financing and development efforts under a plan that is, to some extent, entirely within our control."
Should the Company opt to re-start the mine as an underground only operation (see Cautionary Statement
1, below) we believe we can still achieve a short development schedule as the PL deposit is already
partially developed with 7,000 meters of existing underground development accessed via an existing
portal. Much of the 537,000 ounces of contained gold in the mine plan, as defined in the July 2014
Updated PEA (see Cautionary Statement 2, below), are located between surface and -100 meters vertical.
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
`
As such we do not believe our efforts to optimize the MGP's after-tax NPV5% of $83.3 million by
incorporating 5 shallow open pits on the PL deposit will be materially impacted by a revised underground
only PL deposit mine plan. For example, under the current underground mine plan, approximately
250,000 ounces or 54% of the forecast 462,000 contained ounces in the current PL Deposit underground
mine plan occur between surface and -100 meters (approximately 43% occur between -100m and -200m).
We estimate that we can mine approximately 50% of the current 43,000 contained ounces of gold forecast
to be produced from the open pit mine plan on the PL deposit in years +1 through 4 via shallow
underground mining methods with minimal disruption the overall mine plan.
On this point ACA Howe has been engaged to complete a new underground only mining scenario that will
maximize the extraction rate of the near surface PL deposit gold resources.
A revised, underground only, re-start plan is a viable option that would avoid unnecessary regulatory
delays and conforms with our existing provincial license to advance the project in this manner.
Gorden Glenn stated, "With clear guidance from Environment Canada and a reasonable (~12 month)
timeline to have the Ragged TDA added to Schedule 2 of the MMER, and the ability to revise our re-start
plans as an underground only operation, we are in a strong position to advance our various financing and
M+A discussions and initiate site work toward our stated goal of initial production as early as H2 2015.
Minnova remains committed to best practices in environmental management and we look forward to
cooperating with all federal and provincial regulatory agencies to ensure we are in full compliance with
CEAA 2012, the Metal Mining Effluent Regulations and all applicable provincial laws, as we are obliged to
under our existing Environment Act Licence No. 1207E."
Ragged Tailings Deposition Area History
The following is a brief summary of the history of the Ragged TDA and the process that led to the EC/DFO's
decision. The trigger for the decision by EC is that the Ragged TDA now represents a "water frequented
by fish" as fish were found by Minnova in the Ragged TDA during an August 2014 fish population study
requested by the EC in June 2014.
The Company believes that fish were able to enter the Ragged TDA over the existing discharge control
weir structure during a seasonal high water period at some point after the mine was placed on care and
maintenance following the cessation of mining activities in April 1989.
Despite the occurrence of fish in the Ragged TDA, AECOM concluded that the "Ragged TDA does not
support a commercial, recreational, or Aboriginal fishery."
AECOM's work and their conclusion build on the historical studies that originally supported the creation
of the Ragged TDA in January 1989 (the start of original mining operations by Pioneer Metals). Following
an extensive Environmental Impact Statement (Ilam 1987) that concluded "no significant fisheries
resource would be lost" then Manitoba Minister of Natural Resources, Jack Penner, in a letter to then
Minister of Fisheries and Oceans, The Honorable Mr. Tom Siddon, stated that "his department has
concluded that Ragged Lake is the most suitable tailings disposal area available" and he requested that
Tom Siddon designate it for use a tailings facility under section 33.1 of the Fisheries Act.
In Honorable Minister Siddon's response letter, duly authorizing the use of Ragged Lake as a tailings
management facility, he confirmed that "My regional officials are satisfied with your assessment that no
significant fishery will be lost as a result of the designation [as a tailings facility]" he further commented
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
`
that the use of Ragged Lake as the tailings impoundment area for the Puffy Mine will "result in the
permanent loss of Ragged Lake as a natural resource and the associated fisheries resource."
The Ragged TDA has remained licensed continuously by the Province since 1988 and most recently, in
May 17, 2012, Manitoba's Director of Environmental Approvals issued a letter requiring that, in operating
the Ragged TDA, we comply with Clauses 6 and 7 of the Manitoba license by meeting all the criteria set
out in the MMER.
Cautionary Statement 1
The Company has not made a production decision at this time. However, readers should note that the
Company has not commissioned a "feasibility study" and, in the event that the Company makes a
production decision based on the information currently available to it, the Company will be making its
production decision without a feasibility study of mineral reserves demonstrating economic and technical
viability. As such there is an increased uncertainty of the MGP economic forecasts, as previously disclosed
in the July 9, 2014 Updated Preliminary Economic Assessment and increased technical risks of failure.
Cautionary Statement 2
It should be noted that the preliminary economic assessment prepared by the Company is preliminary in
nature and it includes inferred mineral resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that
are not mineral reserves do not have demonstrated economic viability.
Qualified Person
The Company's Qualified Person ("QP") for the drill program at the Maverick Gold Project is Brian
Robertson, B. Sc., P. Eng.. As QP, Mr. Robertson has prepared or supervised the preparation of the
scientific or technical information for the property and has verified the data disclosed in this press release.
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Mine and expanding
gold resources on its PL and Nokomis gold deposits (collectively the "Maverick Gold Project"). The
Company has completed an Updated PEA which supports average annual production of 48,100 ounces
over a +10 year mine life. Work to date strongly supports advancing the project toward production with
an initial program of underground test mining and completion of a Feasibility Study to bring the PL Mine
back into production. The PL Mine includes a 1,000 tpd flotation mill with a replacement value in excess
of $50 million, over 7,000 meters of developed underground ramp to 135 metres depth, is fully road
accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon
Greenstone Belt of Central Manitoba.
For more information please contact:
Minnova Corp. CHF Investor Relations Renmark Financial Communications Inc.
Gorden Glenn Cathy Hume Barry Mire: bmire@renmarkfinancial.com
Chairman, President and CEO CEO Laurence A. Lachance: llachance@renmarkfinancial.com
gglenn@minnovacorp.ca Tel: +1 (416) 868 1079 ext.231 Tel.: +1 (416) 644 2020 or
Phone: +1 (647) 985 2785 Email: cathy@chfir.com +1 (514) 939 3989
info@minnovacorp.ca www.chfir.com www.renmarkfinancial.com
http://www.minnovacorp.ca
Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
`
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislat
--->ion.
Forward-looking information includes, but is not limited to, information regarding the Company including management's
assessment of future plans and operations, that may involve risks associated with mining exploration and development,
--->volatility
of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to lab
--->our and
services, competition from other companies and ability to access sufficient capital. As a consequence, actual results
--->may differ
materially from those anticipated in the forward looking statements. A feasibility study has not been completed and th
--->ere is no
certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. Althoug
--->h Minnova
has attempted to identify important factors that could cause actual results to differ materially from those contained
--->in forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Th
--->ere can be
no assurance that such information will prove to be accurate, as actual results and future events could differ materia
--->lly from those
anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
--->Minnova
does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
--->Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Minnova Corp. Office: +
--->1 647 985 2785
MCI:TSXV 365 Bay Str
--->eet, Suite 400
www.minnovacorp.ca Toronto, Ont
--->ario M5H 2V1
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