• Arizona
  • Thursday , Feb 1 , 2018

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Big Step Forward as Elim Mining Advances Mining Project


Elim Mining is pleased to announce the company has finalized and secured a financing package with two premier mining financiers, the Tembo Capital Group (Tembo) and Resource Capital Funds (RCF). The $19.1 million package allows Elim to finalize the purchase of the legacy Sacaton Mine site (located just west of Casa Grande and due north of Casa Grande-Maricopa Highway). This property, combined with other adjacent properties that Elim has already secured, creates the footprint for what will become the Cactus Mine. "This is a great day for Elim. Despite all the challenges in today's world and financial markets, we have built a solid business case for this site. The long-term outlook for copper is positive, we have great deposits, and are excited about the potential this site brings," said John Antwi, President and CEO of Elim.  

The next steps for the company include further site characterization (including studying baseline environmental conditions), exploration and drilling, and developing a plan for the mining operations that include strong environmental controls. "There are so many factors to consider at this site," said Antwi, "and we look forward to further engagement with the communities of Casa Grande, Maricopa, and Pinal County about our plans to advance the project and seek input on mine design and our approach to mitigating impacts as we carefully plan to develop a modern mine, protect the local environment, create high-paying jobs for locals, and plan for future operations." 

Under the current project schedule, the company has a target of re-opening the mine in 2022. "There is a lot to do in keeping the schedule on track – defining the geological conditions, determining the right mining methods, transportation and infrastructure, locating key facilities, and establishing and maintaining high standards of health and safety, and environmental responsibility. These factors take time and we want to be certain that we are getting them right," said Ian McMullan, Elim's COO, "Especially as it relates to health, safety and the environment, there is no margin – we have to get it right one-hundred percent of the time." 

Support and encouragement have been echoed from county and local governments. "We couldn't be more excited for this project to get started as our city continues its phenomenal growth," said Mayor Christian Price. "Eventually, this will lead to more jobs and perhaps even some much shorter commutes for our residents here in Maricopa." 

Referencing the history of the site, District 3 County Supervisor Stephen Miller said, "I have been in the area long enough to remember the old Sacaton mine, which closed over 35 years ago, and the prospect of it being put back into production is very exciting. I look forward to the day it opens, the jobs it will create, and it being another economic engine for Pinal County."

About Elim Mining Incorporated
Elim Mining Incorporated is a private mineral resource development company with corporate headquarters in Reno, Nevada and operating headquarters in Phoenix, Arizona. Elim is rooted in the identification, acquisition, exploration, development and sustainable production of precious and base metal properties in well-known geologic regions. The company seeks assets with significant potential for proven and probable mineral reserves. Elim is managed by mining executives with over 210 years of combined experience in mine operations and business. With a history and reputation for strategically launching, revitalizing, and leading multi-million-dollar mining organizations, the team has achieved tremendous growth and value for investors in a socially and environmentally responsible manner.

About Tembo and RCF
Tembo and RCF are long-term investors in the mining sector with individual track records of partnering with strong management teams to advance and develop high quality mining assets. Both groups support the sustainable development of the Cactus project. David Street, CEO of Tembo, said "we are very pleased to be partnering with the Elim management team and RCF to advance the development of the Cactus project". Josh Parrill, Investment Team Leader at RCF said "we believe the Cactus project has the potential to be a material copper producer that will provide long-term benefits for the local community and the State of Arizona"

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