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IDM moves closer to Red Mountain Gold project with Environmental review and $4.1mn placement

A mining company with a major exploration and development project in the Golden Triangle of North-western British Colombia has taken significant steps as it progresses through an environmental assessment proves as well as closing a multi-million-dollar private placement.

IDM Mining announced in a statement this week that it had placed a non-brokered private placement financing to sell a number of shares and raise up to $4.1mn.

The net proceeds of the offering will go towards exploration and development activities on the Company’s Red Mountain Gold Project.

The 17,125-hectare Red Mountain Gold Project is located in north-western BC, 15 km northeast of the mining town of Stewart.

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Earlier this year, IDM announced that the Canadian Environmental Assessment Agency (“CEA Agency”) has initiated the final stage of the environmental assessment process for the project.

“We are nearing the completion of both the Provincial and Federal environmental assessment process for the Red Mountain Project,” said Michael McPhie, Chair of IDM Mining’s Board of Directors.  “With a decision from the Provincial government of British Columbia expected imminently and the Federal process entering its final stage, the full value of our high-value gold development project in BC’s Golden Triangle is near to being realized.”

IDM anticipates receiving Federal approval from the Minister of Environment and Climate in late 2018 or early 2019.