| VANCOUVER, B.C., May 2, 2022 – Nicola Mining Inc. (TSX.V: NIM) (FSE: HLI), (the “Company” or “Nicola”) is pleased to announce that on March 29, 2022, it successfully received a Notice of Departure (“NoD”) at the New Craigmont Project from the Ministry of Energy, Mines and Low Carbon Innovation (“EMLI”). The NoD on the Company’s M-68 Permit allows for the extraction of up to 3.0 million tonnes (“Mt”) of inert available rock material that may be used for the infrastructure reconstruction efforts at a production rate of approximately 1500 tonnes per day. Under the Mineral Tenure Act, receipt of the NoD permits mining and extraction of material; however, to export the material from the mine site for commercial purposes, the Company was required to engage with First Nations and receive separate approval from the Ministry of Forests[1] (“FLNR”). On April 13, 2022, the Company received License Number 349184 from FLNR, which allows the site to produce and remove riprap and associated products from its rock quarry for five years. The Company is also pleased to announce that its rock quarry partner, Lower Nicola Site Services Ltd.[2] (“LNSS”), has subsequently entered into an agreement to supply the Ministry of Transport and Infrastructure (“MOTI”) with riprap from the Company’s site. Nicola receives a royalty for rock material transported from its site. The material supplied from the Company’s quarry is expected to aid MOTI in its repairing of the Trans-Canada Highway, Highway 99, Highway 7, Highway 3, Highway 5, and Highway 8, which were damaged by the flooding events that occurred in November of 2021. Nicola is to receive a per tonne royalty for extracted material. Peter Espig, Chief Executive Officer, commented, “The opportunity to work with LNSS on our rock quarry represents much more than a new revenue stream; it highlights our community relations initiatives and allows communities to benefit from our efforts. Currently, we are in the process of applying for a gravel quarry permit, which will further augment our revenues and benefit communities.” [1] The Ministry of Forests is responsible for the stewardship of provincial Crown land and ensures the sustainable management of forest, wildlife, water, and other land-based resources. The Ministry works with Indigenous and rural communities to strengthen and diversify their economies. [2] In its March 14, 2022, news release the Company announced that it had entered into an agreement with Lower Nicola Site Services Ltd. (“LNSS”) to extract gravel and rock from the Company’s Craigmont Mine Site. |
| ualified Person James N. Gray, P.Geo, a consulting geologist to the Company, is the independent qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release. About Nicola Mining Nicola Mining Inc. is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully-permitted mill can process both gold and silver mill feed via gravity and flotation processes. The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of 10,913 hectares along the southern end of the Guichon Batholith and is adjacent to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, consisting of 30 mineral tenures covering 513 hectares (ha) and a mining lease covering 335 ha. On behalf of the Board of Directors “Peter Espig” Peter Espig CEO & Director For additional information Contact: Peter Espig Phone: (778) 385-1213 Email: info@nicolamining.com |
