Update: Pacific Booker Minerals' Permitting Process Gets Delayed

Aug.20.14 | About: Pacific Booker (PBM)

Summary

The Minister of Environment has suspended the environmental assessment of the Morrison copper-gold project after the tailings dam breach at the Mt. Polley project.

This is quite unexpected, as obviously nobody expects (or wants) a tailings dam at another project to collapse.

This doesn’t change the investment thesis, as a slow permitting process is better than no permitting process at all, which was previously the case.

Pacific Booker Minerals (NYSEMKT:PBM) has announced the Minister of Environment of the province of British Columbia has suspended the environmental assessment of Pacific's Morrison copper/gold project. According to the British Columbian law, lawmakers can suspend any assessment until there's an outcome of an investigation which is related to, and has a material impact on the to-be-assessed project.

In Pacific Booker's case, it's Imperial Metals' (OTCPK:IPMLF) Mt. Polley mine which is causing all the problems. As this copper-gold mine in British Columbia has recently encountered a huge breach of the tailings dam which caused a huge spill in British Columbia. Needless to say the Mt. Polley mine has been closed and the BC government has appointed experts to find out more about this breach. This has, as a result, the BC minister of environment deemed it wise to wait for the expert's report before moving forward with the environmental assessment of other projects, including Pacific Booker's Morrison project.

Unfortunately, this means another delay in the already lengthy permitting process for the Morrison project, but let's not forget a lengthy permitting process is better than no permitting process at all, which was the case last year before the supreme court overruled an earlier decision. Additionally, I think it's very wise to wait for the outcome of the Mt. Polley investigation to see if tailings dams will have to be strengthened in the future. It's better to be safe than sorry.

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