Tristar Gold - Statement on Requests Related to Castelo De Sonhos
Tristar Gold - Statement on Requests Related
to Castelo De Sonhos
Scottsdale, Arizona--(Newsfile Corp. - October 1, 2024) -
TriStar Gold Inc.
(TSXV: TSG) (OTCQB:
TSGZF) (the Company or TriStar) confirms that it has become aware of a series of recommendations
from a Federal Public Prosecutor from the Federal Public Prosecution Office (MPF) to the government
regulators, including the Pará Secretariat for the Environment and Sustainability (SEMAS), our principal
regulator.
These requests are related to the recent issuance of the Licença Prévia (Preliminary License or LP) for
the Castelo de Sonhos gold project in Brazil, and address SEMAS, the local Municipality of Altamira, the
National Foundation of Indigenous Peoples (FUNAI), and the National Institute of Historical and Artistic
Heritage in the State of Pará (IPHAN). The recommendations, which are not binding on the regulators,
include the suspension of the LP pending the completion of additional archaeological studies and
Indigenous Component Studies.
TriStar is considering the concerns raised, is in contact with the relevant authorities and will update the
market as new information is available. Overall, the Company is confident that the comprehensive
process used to arrive at the issuance of the LP has been sound on all fronts and is supported by
numerous stakeholders, as evidenced at the well-attended and overwhelmingly positive public hearing
for the project in 2023.
As is typical with the LP permitting process, the approval comes with conditions
that the Company will need to address going forward.
Some of the conditions attached to the LP already
address technical concerns raised by the MPF.
"While these recent concerns from the MPF would have been better discussed during our public hearing,
it seems to be more common now for the MPF to raise concerns about the established formal permitting
process in Brazil.
We are confident that the robust process we went through, including the Environmental
Impact Assessment (EIA), accurately account for the potential impacts of the Castelo de Sonhos
project," says Nick Appleyard, TriStar's President and CEO. "The community support we have
witnessed speaks to the potential benefits that a project like this could deliver to the municipality, state
and country. We are cooperating with all parties involved to resolve any concerns fully, as quickly as
possible."
About TriStar
TriStar Gold is an exploration and development company focused on precious metals properties in the
Americas that have the potential to become significant producing mines. The Company's current flagship
property is the Castelo de Sonhos gold project in Pará State, Brazil. TriStar has completed a pre-
feasibility study and is now working to advance the project towards a feasibility study while evaluating
optimization options. The Company's shares trade on the TSX Venture Exchange under the symbol
TSG
and on the OTCQB under the symbol
TSGZF
. Further information is available at
www.tristargold.com
.
ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:
Nick Appleyard
President and CEO
480-794-1244
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. No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements under
Canadian securities legislation which are not historical facts and are made pursuant to the "safe
harbour" provisions under the United States Private Securities Litigation Reform Act of 1995.
Generally, forward-looking information can be identified by the use of forward-looking terminology
such as "expects" or "it is expected", or variations of such words and phrases or statements that
certain actions, events or results "will" occur. Forward looking statements in this press release include
statements about the Company's development of the Castelo de Sonhos gold property. Such forward-
looking statements are based upon the Company's reasonable expectations and business plan at the
date hereof, which are subject to change depending on economic, political and competitive
circumstances and contingencies. Readers are cautioned that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause a change in such
assumptions and the actual outcomes and estimates to be materially different from those estimated
or anticipated future results, achievements or position expressed or implied by those forward-looking
statements. Risks, uncertainties and other factors that could cause the Company's plans to change
include changes in demand for and price of gold and other commodities (such as fuel and electricity)
and currencies; changes or disruptions in the securities markets; legislative, political or economic
developments in Brazil; effects of the COVID-19 virus on all aspects of the Company's business, the
need to obtain permits and comply with laws and regulations and other regulatory requirements; the
possibility that actual results of work may differ from projections/expectations or may not realize the
perceived potential of the Company's projects; risks of accidents, equipment breakdowns and labour
disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or
unanticipated expenses in development programs; operating or technical difficulties in connection
with exploration, mining or development activities; the speculative nature of gold exploration and
development, including the risks of diminishing quantities of grades of reserves and resources; and
the risks involved in the exploration, development and mining business. Although management of the
Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any
intention or obligation to update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/225196