- ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc. which holds the leases and claims to the Empire Mine Project
- A Plan of Operations has been filed with the Bureau of Land Management for the approval of the construction and operation of the Empire Mine Open Pit
- No significant environmental issues have been identified on the Empire Property and Phoenix anticipates a straightforward permitting process
- ExGen Resources Inc. is a project accelerator building a portfolio of projects across exploration stages and various commodity groups
- ExGen Resources Inc. (EXG) is unchanged, trading at C$0.125 per share at 3 pm ET
ExGen Resources (EXG) is pleased to provide an update on Phoenix Copper’s exploration and development activities at the Empire Mine Project in Idaho.
ExGen owns 20% and Phoenix owns 80% of Konnex Resources, Inc., which holds the leases and claims to the Empire Mine Project. ExGen further has a 2.5% NSR royalty on the Empire Mine Project and owns 1,330,000 common shares of Phoenix.
ExGen is pleased to report that Phoenix, (the operator of the Empire Mine Project), reports that its Idaho-registered operating subsidiary, Konnex Resources Inc., has filed a Plan of Operations with the Bureau of Land Management for review and approval for the construction and operation of the Empire Mine Open Pit.
Highlights
- The Plan of Operations is a key step in moving the Empire Mine towards production
- No significant environmental issues have been identified on the Empire Property and Phoenix anticipates a straightforward permitting process
- Phoenix is carrying out an extensive program of work this summer at the Empire Mine, with electromagnetic surveys and drilling taking place across all properties
Plan of Operations
In 2017 Konnex began conducting baseline studies at the company’s flagship Empire Mine property for eventual inclusion in a Plan of Operations.
The Plan of Operations provides regulatory authorities with a detailed outline of proposed mining and processing activities and addresses any potential impact from those activities on the environment, the economy, and the local community.
The regulatory agencies will commence their review of the plan, assess any alternatives or mitigative steps, and ultimately provide a Record of Decision formally approving the plan to permit the Empire Mine Open Pit for further development and production.
Jason Riley, CEO of ExGen commented,
“We wish to congratulate the entire Phoenix team on reaching this pivotal milestone in the development of the Empire Mine. The filing of the Plan of Operations with the BLM is the result of many years of focused work by the Phoenix team and represents a very significant step forward for ExGen towards metal production from Empire. With copper prices well over $4 per lb we believe the Empire project has the potential to generate a highly attractive IRR.”
ExGen Resources Inc. is a project accelerator that seeks to fund the exploration and development of projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow.
The company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 5 projects in Canada and the US.
ExGen Resources Inc. (EXG) is unchanged, trading at C$0.125 per share at 3 pm ET.