Ottawa, Canada, October 23, 2009 - After much research and deliberation, Dunn Capital Partners has decided to withdraw their support of the Idaho-Maryland Mine project in Grass Valley, California. Based on a unanimous vote, Dunn Capital Partners requires all extractive industry projects to support private equity firm's social responsibility for the environment and the community that they invest in.
The decision was several-fold, based on review of Emgold's proposed IMM project's impact to an urban location, citizen petitions, the risk of water loss to local wells, the Surface Mining and Reclamation Act and hydrologist reports. In combination of inadequate support documents to prove the adherence to California's Environmental Quality Act, Dunn Capital Partners had no choice but to end talks with Emgold on the IMM project. "As a private investment company, it is our responsibility to be more pro-active in taking an extra step to assess how a project can impact the area and regions of that community," explains Michael Bailey, Head of Equity Capital Markets. Paying attention to the reaction generated by Californians of the targeted region has reinforced their decision.
"Our findings were disappointing to say the least. We have always strived to be involved in projects that can promote mutual benefit for both the industry and the citizens on an economic standpoint. The decision to withdraw their stake from Emgold's IMM project is a testament to Dunn Capital Partner's priority to conduct business as a socially responsible company. We want to encourage extractive industries to advance their social and environmental performance in response to the rising sustainable efforts our world is embracing today."
Dunn Capital Partners is a private investment company and is focused on investing in growing Small Cap issuers with solid fundamentals. Dunn Capital Partners typically invests anywhere from $10,000,000 to $250,000,000+ with companies seeking a long-term funding partner and a strategic partner to support its growth. The company is committed to investing in companies with strong management who have the ability to execute their business plan upon the receipt of growth capital. Dunn Capital Partners is industry and geography agnostic. Dunn Capital Partners is based in Ottawa, ON. For more information, visit www.dunncapital.ca
