Vancouver, Sept. 5th, 2023 -
Atco Mining Inc. (the "Company" or "Atco") (CSE:ATCM); (OTC:ATMGF); (Frankfurt:QP9) is pleased to announce that on August 30th, The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, announced the completion of the call for bids for wind-hydrogen development in the province. As a result of this process, four companies will receive Wind Application Recommendation Letters:
According to the Newfoundland Government, the issuance of recommendation letters to four bidders is the next step in the development of a wind-hydrogen industry in the province. These four companies now have the right to pursue the development of their project and can proceed through the Government of Newfoundland and Labrador's Crown land application and approval process.
The construction, operations and decommissioning phases of these four projects (ranging from 35 to 40 years) are anticipated to have an overall economic impact (GDP) of $206.2 billion, and revenue to the province of $11.7 billion. Based on the plans for the four projects, peak employment is estimated at 11,694 full-time equivalents during construction. Total capital spend is estimated at $66.3 billion.
Projects will be required to have benefits plans with the province, including commitments to full and fair opportunity as well as a gender equity and diversity plan that outlines proactive measures for the inclusion of women and other under-represented groups.
Bids were subject to a two-phase assessment conducted by an evaluation committee, with representation from Industry, Energy and Technology; Finance; Indigenous Affairs and Reconciliation; Newfoundland and Labrador Hydro; a third-party Financial and Business Analyst (EY); a third party Technical Advisor (Power Advisory); a third party Project Management Analyst (EY); and a Fairness Advisor (Optimus SBR Inc.).
Environmental Assessment registration is required prior to final award of Crown land and an environmental assessment will be required for these wind projects.
Requests for connection to the provincial electricity grid to support hydrogen production and/or rates other than published rates will be subject to the PUB regulation.
The Provincial Government is committed to continuing to work with the companies that were not successful in this round and they will have opportunities in the future to apply, either through private lands or future calls for bids.
Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology:
"Newfoundland and Labrador has some of the best onshore wind resources in North America, which can be used to power wind turbines and generate electricity for industrial users/customers, export through transmission lines and the production and export of hydrogen/ammonia. I am pleased that these four projects have been independently reviewed and determined to provide the overall greatest benefits to the province. I look forward to these projects moving through the next stages of review and am excited about the economic benefits these projects will bring to the province in the years to come."
"This is an incredible announcement from the Newfoundland Government" says Etienne Moshevich, CEO of Atco Mining. "This is going to attract a tremendous amount of investment to the area and as we work to progress our Flat Bay and Eagle Salt Projects in Southwestern Newfoundland with the help of RESPEC Consulting, I believe we will be in a great position to move Atco as a leader in the industry."
About Atco Mining (CSE: ATCM):
Atco is a junior exploration mining company focused on exploring for green energy metals throughout Canada. Atco is also exploring for sulphide-rich VHMS deposits in Saskatchewan as well as salt opportunities in Western Newfoundland. Investors are encouraged to visit the company's website here: www.atcomining.com
For further information contact:
Atco Mining Inc.
Email: info@atcomining.com
Telephone: (604) 681-0084
www.atcomining.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not in any way approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
