Artemis Gold Obtains BC Mines Act Permit for Blackwater Mine Major Construction Activities to Commence as Planned in Q1 2023
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
March 9, 2023 TSXV: ARTG
PRESS RELEASE
Artemis Gold Obtains BC Mines Act Permit for Blackwater Mine
Major Construction Activities to Commence as Planned in Q1 2023
Vancouver, British Colombia – March 9, 2023 – Artemis Gold Inc. (TSX -V: ARTG) (“Artemis Gold” or
the “Company”) is pleased to announce the approval of its BC Mines Act Permit for the Blackwater Mine
project in Central British Columbia (“Blackwater”, “Blackwater Mine” the “Project” or the “Mine”). The
approval of the BC Mines Act Permit is the final step required to allow Artemis Gold to commence major
works construction activities at Blackwater Mine in Q1 2023, with the expectation of an initial gold pour
in H2 2024.
“Congratulations to Artemis Gold, the Lhoosk’uz Dené Nation, Ulkatcho First Nation, and Carrier Sekani
First Nations, and communities in the area for their work together to advance this critically important
project through the mine permitting and review process to final approval and construction. The Blackwater
Gold project will put lots of people to work and create a wide range of opportunities and benefits for local
businesses, communities and First Nations while ensuring the highest standards of environmental
protection, mitigation and sustainability ,” said David Eby , Premier of British Columbia (or “B.C.”),
Canada.
“British Columbians will benefit from hundreds of new jobs from this new mine, with both its construction
and multiple decades of operation,” said Josie Osborne, Minister of Energy, Mines and Low Carbon
Innovation, for British Columbia, Canada. “Artemis Gold has designed a world-class mine that supports
the economic needs of the local region; brings First Nations in as partners in training, business
development and jobs opportunities; and helps to meet provincial climate targets with the use of
sustainable, clean electricity.”
Steven Dean, Artemis Gold Chairman and CEO commented, “We would like to thank the Government of
British Columbia, the Lhoosk’uz Dené Nation, Ulkatcho First Nation, and the Carrier Sekani First Nations
for their substantial efforts during the consultation and review process for the BC Mines Act Permit. The
approval of the BC Mines Act Permit is the culmination of a substantial amount of work completed by our
team in collaboration with our First Nation partners and the provincial government. The Blackwater Mine
has been designed to have one of the smallest carbon footprints for an open pit gold project in the world,
with a defined path forward to substantially reduce that footprint further and potentially achieve net zero
carbon emissions through the integration of a zero-exhaust-emission haul fleet by 2029. Blackwater also
represents a generational opportunity to create em ployment and economic activity for our First Nation
partners, each of their communities , and B.C.’s Nechako and Cariboo regions. This approval is further
evidence that Blackwater meets world class standards for responsible mineral exploration and
development in British Columbia.”
The Blackwater Mine is estimated to be the largest gold mine development project in the Cariboo region
of B.C. in more than a decade, supporting regional employment over multiple decades with the potential
to be extended through further exploration. Blackwater has also been designed to some of the highest
environmental standards and in accordance with pr oven best practices. The Company is committed to
being a responsible steward of the environment and to identifying opportunities to reduce its impact on
the ecosystems where it operates. Blackwater is to be connected to the BC Hydro grid, which is powered
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
by hydroelectricity providing it with a sustainable source of renewable energy. This provides the
foundation for Blackwater to be developed into one of the lowest greenhouse gas (“GHG”) emitting open
pit mining operations in the world. Artemis Gold has invested in a fully electrified process plant with all
diesel and propane components replaced with electric equipment, further reducing the carbon footprint
of the mine. A unique agreement with Caterpillar Inc. provides a potential path to replace the initial diesel
fueled haul fleet with a zero -exhaust-emission fleet by 2029, which would help support the Provincial
Government’s target to reduce GHG emissions by 40% by 2030.
As part of the permitting process, Artemis Gold collaborated with the federal and provincial governments,
Lhoosk'uz Dené Nation, Ulkatcho First Nation, Carrier Sekani First Nations, and Nazko First Nation on
the development of innovative and precedent -setting environmental management plans related to
caribou habitat offsetting, fish habitat offsetting, wetlands offsetting and conservation and enhancement
activities. The company has also received significant support and input from the District of Vanderhoof
and other local communities in the project area.
An economic impact study completed by KPMG on the Blackwater Project in November 2020 anticipates
the Project will create 457 direc t full-time jobs per year over the operating life of the mine and with 825
direct full-time jobs per year created during the construction/expansion phases of mine development.
Additionally, the mine is expected to contribute $13.2 billion to the provincial economy, over the life of the
mine, including $2.3 billion to provincial revenues.
The Province of British Columbia signed an Economic and Community Development Agreement with the
Lhoosk’uz Dené and Ulkatcho First Nations in 2020 to share mineral tax revenue. The Company has a
project participation agreement with Lhoosk’uz Dené Nation and Ulkatcho First Nation, and a cooperation
agreement with Nazko First Nation for the Blackwater Mine. Artemis Gold continues to develop
relationships with other First Nations partners, including the Carrier Sekani First Nations. The
development of the Blackwater Mine has the potential to provide long -term economic benefits, training
and health and wellness support, and advances reconciliation with Indigenous peoples in B.C.
Lhoosk’uz Dené Nation Council commented, “The Blackwater Mine represents a significant opportunity
for Lhoosk’uz Dené Nation and we are pleased that it has received its BC Mines Act Permit. The Mine is
located in our traditional territory, and we have been active participants at every stage of the project from
mineral exploration to the Environmental Assessment and the BC Mines Act Permit. We look forward to
ongoing engagement with Artemis Gold as the project progresses to major works construction.”
“Ulkatcho First Nation has been involved in the development of the Blackwater Gold Project in earnest
since 2015 throughout the environmental assessment process. Today we continue to work in
collaboration with Artemis Gold Inc., Lhoosk’uz Dené Nation, and both the federal and provincial
governments to achieve the best mitigation results for all Canadians. We are pleased to hea r the major
mines permit has been approved. A lot of hard work has been done by all parties involved,” said Chief
Lynda Price of the Ulkatcho First Nation.
In preparation for the start of construction, Artemis has:
• significantly advanced site preparation works on the process plant area footprint, along with
progressive upgrades to selected infrastructure
• practically completed expansion works associated with a 477-room construction camp, with only
minor service tie-ins outstanding, which are scheduled to be completed prior to the commencement
of major works
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
• ordered the initial construction equipment fleet from Finning; due to commence delivery next month
• selected preferred partners to provide on-site security services, on-site fuel supply/storage along
with explosives supply
• closed its bank financing agreements
Further updates will be provided.
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ARTEMIS GOLD INC.
On behalf of the Board of Directors
“Steven Dean”
Chairman and Chief Executive Officer
+1 604 558 1107
For further information
Investor Relations contact
Gerrie van der Westhuizen
Chief Financial Officer and Corporate Secretary
+1 (604) 558-1107
Media relations contact
Neither the TSX Venture Exchange nor its Regulation Services P rovider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Information
This news release contains certain “forward looking statements” and certain “forward-looking information”
as defined under applicable Canadian and U.S. securities laws. Forward -looking statements and
information can generally be identified by the use of fo rward-looking terminology such as “may”, “will”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “potential” or similar terminology.
Forward-looking statements and information are not historical facts, are made as of the date of this news
release, and include, but are not limited to, statements regarding the potential of the Project; the jobs to
be created in connection with the Project; the contribution of the Project to the economy; opinions of the
Province of British Columbi a regarding the Project and the region; agreements and relationships with
Indigenous partners; the future of mining in British Columbia; the plans of the Company with respect to
the Project, including construction, site preparation, clearing, consultation with indigenous groups ;; and
other plans and expectations of the Company with respect to the Project. These forward -looking
statements involve numerous risks and uncertainties and actual results may vary. Important factors that
may cause actual results to vary include without limitation, risks related to the ability of the Company to
accomplish its plans and objectives with respect to the development of the Project within the expected
timing or at all, the timing and receipt of certain required approval s, changes in commodity prices,
changes in interest and currency exchange rates, risks inherent in exploration and development activities,
changes in development or mining plans due to changes in logistical, technical or other factors,
unanticipated operational difficulties (including failure of plant, equipment or processes to operate in
Artemis Gold Inc. | 595 Burrard St., Suite 3083, Vancouver, BC V7X 1L3
Phone: 604.558.1107 [email protected] www.artemisgoldinc.com
accordance with specifications, cost escalation, unavailability of materials, equipment or third party
contractors, delays in the receipt of government approvals, industri al disturbances, job action, and
unanticipated events related to heath, safety and environmental matters), the COVID -19 pandemic,
political risk, social unrest, changes in general economic conditions or conditions in the financial markets,
and other risks related to the ability of the Company to proceed with its plans for the Project and other
risks set out in the Company’s most recent MD&A. In making the forward-looking statements in this news
release, the Company has applied several material assumptions, including without limitation, the
assumptions that: (1) market fundamentals will result in sustained mineral demand and prices; (2) the
receipt of any necessary approvals and consents in connection with the development of the Project; (3)
the availability of financing on suitable terms for the development, construction and continued operation
of the Project; (4) sustained commodity prices such that the Project remains economically viable; and (5)
that the COVID-19 pandemic and restrictions related thereto will not materially impact the Company or
prevent the Company from operating its business as planned. The actual results or performance by the
Company could differ materially from those expressed in, or implied by, any forward-looking statements.
Accordingly, no assurances can be given that any of the events anticipated by the forward -looking
statements will transpire or occur, or if any of them do so, what impact they will have on the results of
operations or financial condition of the Company. Except as r equired by law, the Company is under no
obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking
statement, whether written or oral, that may be made from time to time, whether as a result of new
information, future events or otherwise, except as may be required under applicable securities laws.