Nicola Mining - Tax Refund Received from CRA
Nicola Mining - Tax Refund Received from CRA
Vancouver, British Columbia--(Newsfile Corp. - September 24, 2019) - Nicola Mining Inc. (TSXV:
NIM
) (the "
Company
" or
"
Nicola
") announced that it has received a tax refund of previously paid Part X11.6 taxes in the amount of $328,730 from the
Canada Revenue Agency ("CRA"). This payment is associated with the successful appeal of certain tax deductions which had
been disallowed by CRA, which was disclosed in a news release dated July 11, 2019.
On August 27, 2019 the Company filed its Condensed Consolidated Financial Statements (the "Financial Statements") for the
three and six months ended June 30, 2019.
The Financial Statements provided clarity on the $4,068,397 Flow Through
Obligation, which was adjusted to $0.
This adjustment positively affected the Consolidated Statements of Financial Position and
Consolidated Statements of Operations and Comprehensive Income.
The $328,730 Refund will be reflected in the Company's next financial filings.
On behalf of the Board of Directors
"
Peter Espig
"
Peter Espig
CEO & Director
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and is in the process of recommencing mill
feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It
has already signed six mill profit share agreements with high grade gold producers. The fully-permitted mill can process both
gold and silver mill feed via gravity and flotation processes.
About New Craigmont Project
In November of 2015, Nicola became the first group in decades to consolidate ownership of the New Craigmont Project (the
"
Property
") and has been actively conducting mineral exploration since. The Property is a wholly-owned copper-iron property
with an active mine permit (M-68), located 33 km south of the world-class Highland Valley porphyry district. It lies at the southern
contact between the Nicola Group and Guichon Creek batholith, of which the latter is known to be a precursor intrusive event to
mineralization at Highland Valley.
There are currently no NI 43-101 compliant mineral resource estimates on the Property. However, an estimated 60,000,000 tons
of material grading >0.4% Cu is reported to have remained unmined in the mineralized hanging wall of the Sub level cave, due to
a 0.7% Cu cut-off grade
1
.
It should be noted that these historical estimates do not meet the requirements needed to conform to National Instrument 43-101
standards. The Company notes that an independent Qualified Person has not done sufficient work to verify and classify the
historical estimates as current mineral resources and is therefore not treating the historical estimates as current mineral
resources or mineral reserves. For further details on the Property, see the technical report entitled "TECHNICAL REPORT on
the THULE COPPER - IRON PROPERTY, Southern British Columbia, Canada", filed on May 8, 2013 on Sedar at
www.sedar.com
.
For additional information contact
:
Peter Espig
Telephone: (778) 385-1213
Email:
Neither the 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.
1
Bristow, J.F. (Jul. 22, 1985)
Internal memo: Continued Exploration at Craigmont Mines Limited's Merritt
Property.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/48068