Metal process

Troilus launches the environmental authorization process with the filing of the initial project notice

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MONTREAL, May 25, 2022 (GLOBE NEWSWIRE) — Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to announce that it has filed the initial project description of Troilus Project with the Impact Assessment Agency of Canada (“IAAC”) at the federal level and the project notice with the Ministry of the Environment and the Fight against Climate Change (MELCC) at the provincial level of Quebec. The filing of the initial project description and the project notice constitute the first stage of the environmental and social impact studies (“ESIA”), the approval of which is required under Canadian and Quebec laws for a mining project can proceed to construction and production. The ESIA assesses the environmental, social and economic impacts of a proposed mining project and includes extensive consultations with local stakeholders, and in particular First Nations.

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Justin Reid, CEO and Director of Troilus, said, “The initiation of the environmental clearance process brings us closer to another important milestone in a potential restart of the Troilus mine. Progressing work on the next pre-feasibility study goes hand-in-hand with the filing of the initial project description and project notice since we are now able to define with greater detail and certainty what the Troilus project might look like in the future. We can now invite input from stakeholders to ensure that any potential future operation meets the expectations of all parties involved from an environmental and social perspective. We look forward to working with our stakeholders and government regulators as we move through the environmental permitting process. »

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Jacqueline Leroux, Vice President Environment at Troilus added: “Although the filing of the initial project notice and project description marks the first official step in the permitting process, in fact our team has worked hard in backstage to prepare for this event for the past two years. This has included baseline environmental studies that consider the physical environment and biodiversity around the mine site during different seasons, pre-consultation sessions with our local communities to identify priority issues and establish important working relationships with government and community stakeholders. Since Troilus is also a closed mine site, having been in production from 1996 to 2010, we have a unique opportunity to benefit from the experience gained in the past and, looking to the future, we can integrate the knowledge of First Nations in the territory in our planning and design that will help us minimize and mitigate any future impact on the environment. »

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At the federal level, the filing of the Initial Project Notice marks the start of the “planning phase,” during which the IAAC will invite members of the public and Indigenous peoples to provide feedback on the direction and priorities of the ESIA and to contribute to the planning. . The planning phases are expected to last 180 days and will result in a set of guidelines for Troilus to follow when preparing the ESIA. At the provincial level, the MELCC will forward the Initial Project Notice to the Environmental and Social Impact Assessment Committee (“COMEV”) in order to assess the impact of the Project and provide guidelines for the ESIAs, which are expected within 30 days. Since approval is required at the federal and provincial levels, Troilus will essentially perform a concurrent dual assessment process that will result in two ESIA reports to address concerns and priorities at each level of government.

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Figure 1 – Main components and sequence for the authorization of a mine in Quebec: https://www.globenewswire.com/NewsRoom/AttachmentNg/819bd165-27be-40ef-9cab-9a807bc76dd6

About Troilus Gold Corp.

Troilus Gold Corp. is a Canada-based junior mining company focused on systematically advancing and de-risking the former Troilus gold and copper mine toward production. From 1996 to 2010, the Troilus mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction in Quebec, Canada, where it holds a strategic land position of 1,420 km² in the Frôtet-Evans greenstone belt. Since the acquisition of the project in 2017, continued exploration success has demonstrated the enormous large-scale potential of the gold system on the property with significant mineral resource growth. The Company is advancing engineering studies following the completion of a strong PEA in 2020, which demonstrated the potential of the Troilus Project to become a premier gold and copper producing asset in Canada. Led by an experienced team with a track record of successful mine development, Troilus is well positioned to become a flagship project in North America.

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For more information:

Caroline Arsenault
VP Corporate Communications
+1 (647) 407-7123
[email protected]

Caution Regarding Forward-Looking Statements and Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the timing of the ESIA process and governmental approvals, pre-feasibility study, environmental assessments (including the timing of an environmental impact assessment) and development plans, the possibility of expanding the scale of the project; the development potential and timing of the project; mineral resource estimation; conducting mineral resource estimates; the timing and amount of estimated future exploration; the costs of future activities; capital and operating expenses; success of exploration activities; the anticipated ability of investors to continue to benefit from the Company’s low discovery costs, technical expertise and support from local communities; the timing and amount of estimated future exploration; the Company’s ability to achieve full carbon neutrality now or in the future; ; the continued impact of the novel coronavirus (COVID-19) and the considerable uncertainties as to the geographic, social and economic impact on the Company. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is planned”, “budget”, “planned”, “estimates”, “plans”, “intends”, “continues”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking statements are made based on certain assumptions and other material facts which, if incorrect, could cause the actual results, performance or achievements of Troilus to be materially different from any future results, performance or achievements expressed. or implied by these statements. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Some important factors that could cause actual results, performance or achievements to differ materially from those set forth in the forward-looking statements include, among others, currency fluctuations, global economic climate, dilution, stock price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to differ materially from those expressed or implied by these forward-looking statements, including but not limited to: the impact that the COVID 19 pandemic may have on the Company’s business (including, without limitation, its employees and suppliers ) and the economy in general; the impact of the post-pandemic recovery of COVID 19 and its impact on gold and other metals; there can be no assurance that the Company’s exploration program or programs will result in an increase in mineral resources; risks and uncertainties inherent in mineral resource estimates; the high degree of uncertainties inherent in preliminary economic assessments and other mining and economic studies that rely heavily on various assumptions; changes in the prices of gold and other precious metals, fluctuations in exchange rates; changes in the cost of supplies and labor; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of gold and other metals; accidents, labor disputes and shortages; environmental and other risks of the mining industry, including, without limitation, the risks and uncertainties discussed in the technical report and in other continuous disclosure documents of the Company available under the Company’s profile at the address www.sedar.com. Although Troilus has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be those anticipated, estimated or planned. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements except in accordance with applicable securities laws.