Project Overview

Project Overview

Midas Gold and our team of professionals and consultants have spent nearly ten years studying the Stibnite Gold Project site searching for minerals, identifying opportunities to use responsible, modern mining to address environmental legacies, preparing a plan to safely redevelop and restore the site and working closely with residents and businesses in the region.

The ecosystem at the Stibnite Gold Project site is in need of healing; our plan is as much about restoring the site as it is about mining it. Redevelopment will allow us to generate enough capital so we can properly take care of the environment. Fish haven’t been able to swim past the historic Yellow Pine pit since 1938, almost no top soil can be found in the area, due to extensive erosion, and millions of tons of sediment are running into the waterways, degrading water quality and fish habitat. Leaching of metals like arsenic and antimony from historic tailings, waste dumps and workings also impact water quality.  Our plan will address these impacts and we’ve designed the project so a lot of the restoration work will occur early on.

After exploring the Stibnite Gold Project site, we believe there are over six and a half million ounces of gold at the site and over 180 million pounds of antimony. Currently, there is no antimony being mined in the U.S. and the Stibnite Gold Project site is the nation’s largest known antimony resource. Antimony is an important strategic mineral for the United States’ defense, aerospace and energy industries, as well as being an essential flame retardant for many materials. We are currently dependent on countries like China, Bolivia and Russia for our antimony supplies.

If redeveloped in accordance with the Plan of Restoration and Operations, as modified by Midas Gold and regulators, the Stibnite Gold Project will create around 500 direct well-paying jobs for Idahoans and add considerably to the regional, state and national economies. Direct, indirect and induced federal taxes are estimated at more than $500 million and state and local taxes are estimated at more than $200 million over the construction and operating life of the mine. During that same period of time, annual employee wages at the site are predicted to be two times the local and state average. Employment opportunities will continue during restoration and ongoing monitoring of conditions at the site, once it closes.

We care deeply about Valley County and the people who call it home, including our own employees. For the last ten years, we have spent a lot of time getting to know our community and learning what is most important to the locals. Their input helped shape our plans and guide our designs. Their questions drove us to create something better than we could have done on our own and many of their ideas and suggestions have been incorporated into our plans.

We hope that you will take the time to read and consider our Plan and provide us with your feedback. At the end of 2019, when the draft Environmental Impact Statement is made available by regulators, we hope you will take the time to read it and provide your feedback.

We are proud of this project and our team. We remain committed to designing a project that takes care of the environment, is safe for our employees and the community, and will have a positive long-term impact on Valley County and Idaho.

 

 

 

 

PROJECT LOCATION

The Stibnite Gold Project is located in the Stibnite Mining District in Valley County, which is approximately 44 air miles northeast of Cascade, Idaho and 10 air miles east of Yellow Pine, Idaho.

Environmental Highlights

Mining started at this location in 1899, and the site needs attention and funding to help address environmental legacies impacting water quality and habitat.
Our project design integrates environmental restoration of past disturbances into the mining plan.

The East Fork of the South Fork of the Salmon River currently flows into an abandoned mining pit. The project will restore the natural flow of the river and allow salmon to migrate for the first time in over 80 years.

Millions of tons of historic tailings are impacting water quality today, the project will reprocess and safely store these tailings.

Millions of additional tons of waste rock dumped around the site will be recovered and reused in properly designed locations.

Economic Highlights

The Pre-Feasibility Study in 2014 found:

  • The Stibnite Gold Project is in the top 10 gold deposits in the US, both in contained gold and the grade of the deposits.
  • The Project also has the largest known antimony resource in the US.
  • We will mine 388,000 oz gold/year for the first four years and an average of 337,000 oz gold/year over the entire life-of-mine.
  • The Project will require a capital investment of almost $1 billion to get going, and a further $200 million in capital to be invested over the life of mine.
  • The high grades, combined with good recoveries and other positive attributes of the deposits, put operating costs at the low end of the range for worldwide gold operations.
  • The significant production combined with low costs should provide an attractive return on investment that justifies the very large capital investment required to build the mine.

Financial Support from Key Investors

Midas Gold has a strong community of investors. In addition to many, mostly US-based individuals, our largest institutional investors include Paulson & Co., Barrick Gold, Franco-Nevada, Sun Valley Gold, Franklin Templeton, M&G Investments, and Teck Resources.

Want to Learn More?

Visit our materials page to get even more information on the Stibnite Gold Project.

Get the Details

ASK MIDAS: YOUR QUESTIONS ANSWERED

We are here to answer your questions. Email community@midasgoldinc.com to tell us what is on your mind.