1. I am a shareholder in the US...does Corvus Gold qualify as a Passive Foreign Investment Company?
Yes, Corvus is a Passive Foreign Investment Company for US shareholders. A PFIC Statement can be accessed here.
2. What is the tax implications of the Corvus Gold Inc. spinout?
The Corvus Gold September 8, 2010 News Release advises the following: Return of Capital - International Tower Hill Mines Ltd. For the information of shareholders of the Company and International Tower Hill Mines Ltd. ("ITH"), the Company advises that, on August 26, 2010, the capital of ITH was reduced pursuant to the Plan of Arrangement dated July 8, 2010 by the distribution of common shares in the capital of Corvus. Corvus has been advised that, in accordance with section 74 of the Business Corporations Act (B.C.), the board of directors of ITH has determined that the amount by which ITH's capital was reduced, being the fair market value of the common shares of Corvus as of the time of the distribution, was CAD 0.75 per common share of Corvus, which is the five day volume weighted average price of the Corvus common shares on the TSX for the period ending on September 3, 2010.
3. What is the permitting process in Alaska?
In Alaska, low impact, initial stage surface exploration such as stream sediment, soil and rock chip sampling do not require any permits. The State of Alaska requires an APMA exploration permit for all substantial surface disturbances such as trenching, road building and drilling. These permits are also reviewed by related state and federal agencies that can comment and require specific changes to the proposed work plans to minimize impacts on the environment
The permitting process for significant disturbances generally requires 30 days for processing and all work must be bonded. Corvus has all the necessary permits with respect to its exploration activities in Alaska.
4. What is the climate like in Alaska and how does that impact exploration?
Due to the northern climate, exploration work in some areas of Alaska can be limited due to excessive snow cover and cold temperatures. In general, surface sampling work is limited to May through September and surface drilling from March through November, although some locations afford opportunities for year-round exploration operations and others, such as wetland areas, may only be explored while frozen in the winter.
5. What kind of mining jurisdiction is Alaska?
Mining is conducted in a number of locations in Alaska on a year-round basis, both open pit and underground.
6. What is the permitting process in Nevada?
In Nevada, as in Alaska, initial stage surface exploration does not require any permits. Notice level exploration permits (less than 5 acres of disturbance) are required. These permits are in place through the US Bureau of Land Management for the North Bullfrog project to allow for drilling.
In general, exploration activities in Nevada can be carried out on a year-round basis, although some activities may be adversely affected by the winter climate. Mining is conducted in Nevada on a year-round basis, both open-pit and underground.
7. What types of environmental regulations would Corvus face?
There are no environmental regulations in either Alaska or Nevada that are expected to affect Corvus because it is in the exploration stage. Reclamation work will be minimal because Corvus's operations will have limited environmental impact. Require remedial environmental work will typically consists of slashing underbrush so that wildlife movement is not hampered and basic reseeding operations.
8. Are Materials and Personnel readily available at the project sites?
All of the raw materials Corvus requires to carry on its business are expected to be readily available through normal supply or business contracting channels in Canada and the United States. While there may have been difficulty in the past in procuring some equipment (eg. securing drilling equipment, experienced drillers and timely assay laboratory services), the recent overall slowdown in the mineral exploration business has resulted in more equipment and services are being made available on a timely basis. As such, Coruvs does not believe that it will experience any shortages of required personnel, equipment or supplies in the foreseeable future.
9. How does Corvus plan to meeting social and environmental requirements?
Corvus has created a Sustainable Development Committee (SDC) with the purpose of assisting the Board in fulfilling its oversight responsibilities with respect to the board's and Corvus's continuing commitment to improving the environment and ensuring that Corvus's activities are carried out, and that its facilities are operated and maintained in a safe, sustainable and environmental sound manner.