CASA GRANDE, Ariz. & TORONTO / Dec 08, 2022 / Business Wire / Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) and the Arizona Department of Environmental Quality (“ADEQ”) were together presented with the 2022 Award for Environmental Excellence by the American Exploration & Mining Association (“AEMA”), a national trade organization representing the hardrock mining industry, at the association’s annual meeting in Reno, NV. The award celebrates the efforts of ASCU and ADEQ to revitalize the Cactus Mine.
The Cactus Mine (formerly the Sacaton Mine) is located in Arizona at the convergence of three major geologic zones in western Pinal County, just west of Casa Grande. It was discovered in 1961 by American Smelting and Refining Co. (ASARCO) which commercially mined the site from 1974 to 1984, when the site was put under care and maintenance. The site was later transferred to an environmental trust during ASARCO’s bankruptcy, until the 2020 acquisition by ASCU.
“It was through the vision of the state that this project became a reality,” said Ian McMullan, ASCU’s COO. “In 2019, this property was a taxpayer liability, however, on the basis of a strong working relationship with the ADEQ, the project continues to be de-risked and through the Company’s feasibility studies, is advancing quickly towards a construction decision.”
According to an economic study based on the 2021 Preliminary Economic Assessment and as conducted by Rounds Consulting Group, the project’s 18-year operating life would result in an economic impact of more than $8.5 billion – the equivalent of a Super Bowl’s economic activity every other year for nearly two decades.
“The revitalization is a real 360-degree win for Arizona,” said ADEQ director Misael Cabrera, “it’s a win for the environment, great for the creation of jobs and the economy, and the end result will be copper, a necessary building block for green technology.”
“Our goal is to minimize our greenhouse gas (GHG) emissions in all facets of our organization, towards being a net zero copper producer,” said ASCU CEO, George Ogilvie, “we are honored to share the stage with ADEQ on this important award.”
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Mine once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
About the Arizona Department of Environmental Quality (www.azdeq.gov)
ADEQ administers Arizona’s environmental laws and delegated federal programs to prevent air, water and land pollution and ensure cleanup. Under the Environmental Quality Act of 1986, the Arizona State Legislature created ADEQ in 1987 as the state’s cabinet-level environmental agency. ADEQ is composed of three environmental programs: Air Quality, Water Quality and Waste, with functional units responsible for technical, operational and policy support. ADEQ carries out several core functions: planning, permitting, compliance management, monitoring, assessment, cleanups and outreach.
About the American Exploration & Mining Association (www.miningamerica.org)
American Exploration & Mining Association is a 127-year old, 1,200 member, national association representing the minerals industry. AEMA is the recognized national voice for exploration, the junior mining sector, maintaining access to public lands, and represents the entire mining life cycle, from exploration through production to reclamation and closure.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals.
Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.