VANCOUVER, BC, September 24, 2019 — Nicola Mining Inc. (TSX-V: NIM) (the “Company” or “Nicola”) announced that it has received a tax refund of previously paid Part X11.6 taxes in the amount of $328,730 from the Canada Revenue Agency (“CRA”). This payment is associated with the successful appeal of certain tax deductions which had been disallowed by CRA, which was disclosed in a news release dated July 11, 2019.
On August 27, 2019 the Company filed its Condensed Consolidated Financial Statements (the “Financial Statements”) for the three and six months ended June 30, 2019. The Financial Statements provided clarity on the $4,068,397 Flow Through Obligation, which was adjusted to $0. This adjustment positively affected the Consolidated Statements of Financial Position and Consolidated Statements of Operations and Comprehensive Income.
The $328,730 Refund will be reflected in the Company’s next financial filings.
On behalf of the Board of Directors
CEO & Director
About Nicola Mining
Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, lNicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fully-permitted mill can process both gold and silver mill feed via gravity and flotation processes. The Company also owns 100% of Treasure Mountain, a high-grade silver property, and an active gravel pit that is located adjacent to its milling operations.
About New Craigmont Project
In November of 2015, Nicola became the first group in decades to consolidate ownership of the New Craigmont Project (the “Property”) and has been actively conducting mineral exploration since. The Property is a wholly owned copper property with an active mine permit (M-68), located 33 km south of the world-class Highland Valley porphyry district. It lies at the southern contact between the Nicola Group rocks and Guichon Creek batholith, of which the latter is known to be a precursor to mineralization at Highland Valley. For further details on the Property, see the technical report entitled “Technical Report on the Thule Copper– Iron Property, Southern British Columbia, Canada”, filed on May 8, 2013 on Sedar at www.sedar.com.
For additional information contact:
Telephone: (778) 385-1213
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or accuracy of this release.