TORONTO, Jan. 15, 2019 (GLOBE NEWSWIRE) -- NextSource Materials Inc. (TSX:NEXT) (OTCQB:NSRCF) (“NextSource” or “the Company”), is pleased to announce that it has received conditional approval for its Global Environmental Permit for the Molo Graphite Project from the Madagascar Ministry of Environment’s Office National pour l'Environnement (the National Office for the Environment; or “ONE”). The Global Environmental Permit will be granted to NextSource upon receiving its Mining Permit.
CONDITIONAL APPROVAL OF GLOBAL ENVIRONMENTAL PERMIT
The Global Environmental Permit was conditionally approved by the ONE based on the following accomplishments by NextSource:
- Successful completion of the Environmental & Social Impact Assessment (“ESIA”) and Relocation Action Plan (“RAP”) to International Finance Corporation (IFC) performance standards and World Bank standards.
- Successful completion of local and regional stakeholder and community engagement, with overwhelming support from both the local community and local government, as well as the regional government.
- Successful negotiations and signed agreements with all potentially affected land occupants to accept compensation for any affected crops and grazing land, and relocation if needed.
- Successful completion of the ONE’s technical evaluation process (a 6-month process that commenced June 6, 2018) and consisted of a site visit and four separate community consultations.
- Approved capital investment certification from the Bureau du Cadastre Minier de Madagascar (the Mining Cadastre Office of Madagascar), or “BCMM”.
- Receipt of Cahier des Charges Miniér (mining specification) from the BCMM as pre-requisite to submitting the ESIA & RAP to ONE for review.
- Joint agreement and signature of the Cahier des Charges Environnementales (environmental specification) with the ONE, with their full support for the development of the Molo Graphite Project.
NextSource President & CEO Craig Scherba commented, “The conditional approval of the Global Environmental Permit is a significant achievement for the Company, and is the culmination of extensive base line studies, community consultations and environmental impact assessments while proactively working with all stakeholders, including the Madagascar government. Our choice to adopt IFC and World Bank Performance Standards during this process reflects NextSource’s commitment to responsible environmental stewardship and will ensure that the Molo Graphite Project will adhere to and operate at the highest international benchmark for environmental standards. The Company would like to thank the staff within the Ministry of the Environment for their diligence in reviewing and supporting NextSources’ Global Environmental Permit application. With the Mining Permit currently being reviewed, the Company expects all required approvals to be in place shortly which will allow NextSource to quickly move towards the financing and construction of the Molo Graphite Project.”
ABOUT NEXTSOURCE MATERIALS INC.
NextSource Materials Inc. is a mine development company based in Toronto, Canada, that is developing its 100%-owned Molo Graphite Project in southern Madagascar. The Molo Graphite Project is a feasibility-stage project and ranks as one of the largest-known and highest quality flake graphite deposits in the world and the only project with SuperFlake® graphite.
In addition to the Molo Graphite Project, NextSource has 100% ownership of its NI 43-101 compliant Green Giant Vanadium Project, located just 12 kilometres from the Molo Project. The Green Giant Project is a rarely occurring sedimentary-hosted deposit that also ranks as one of the largest-known and highest in-situ grade vanadium resources in the world.
For further information contact: +1.416.364.4911
Brent Nykoliation, Senior Vice President, Corporate Development at firstname.lastname@example.org or Craig Scherba, President and CEO at email@example.com
Safe Harbour: This press release contains statements that may constitute “forward-looking statements” or “forward looking information” within the meaning of applicable Canadian securities legislation. Readers are cautioned not to place undue reliance on such forward-looking information. Forward-looking information in this press release includes, but are not limited to, the receipt of the Global Environmental and Mining permits and all other approvals and the timing thereof, the financing and construction of the Molo Graphite Project, and the operation of the Molo Graphite Project including adherence to certain environmental standards. These are based on current expectations, estimates and assumptions, and although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, actual results or developments may vary and, in some instances, differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release. There are risks that the aforementioned permits will not be issued or timing may be delayed. No assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do so, what benefits the Company will derive there from. Other risks relating to the permits, the Molo Project and the Company can be found in the Company’s Annual Information Form for the year ended June 30, 2018 available at www.SEDAR.com. The forward-looking information contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.