VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/11/12)- Oracle Mining Corp. (OMN.TO)(OMCCF)(OMCCF)(OCN.F) ("Oracle Mining" or the "Corporation") is pleased to announce that Oracle Ridge Mining LLC ("ORM"), a wholly owned subsidiary of the Corporation, has signed a Memorandum of Understanding ("MOU") with Pima County in Arizona for the development of the Oracle Ridge Copper Mine located in the County.
Yesterday, the County Board of Supervisors unanimously approved a resolution in support of ORM's proposal to re-open the Oracle Ridge Copper Mine, as well as approved and ratified the MOU between Pima County and ORM. The county has previously supported ORM's Air Permit and domestic wastewater treatment plan.
"Pima County is a key partner in the return of the mine into operation, and we are pleased to formalize our established, cooperative approach through the signing of an MOU on the Oracle Ridge Copper Mine project," said Mr. Doug Nicholson, Oracle Mining's CEO.
As part of its commitments in the MOU, Oracle Mining will use the highest environmental and technological standards to minimize potential impacts of the project on the environment. The Corporation also intends to exchange approximately 133 acres of private land for certain County land that lies between the mine site and the tailings facility. Further, Oracle Mining intends to provide at least an additional 300 acres of land to the County as mitigation for potential impacts related to operation of the project.
The County estimates that the jobs created by re-starting the Oracle Ridge Copper Mine would provide more than $200 million in economic benefits annually to the local economy, as well as generate more than 600 direct, indirect and induced jobs in the region.
About Oracle Mining Corp.
Oracle Mining Corp. (OMN.TO)(OMCCF)(OMCCF)(OCN.F) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and the Oracle Ridge Copper Mine located 24 km north of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked projects of value to achieve superior shareholder returns.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.
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