NEWS RELEASE

Press Release - May 10, 2006
Toronto Stock Exchange  "TWG"
Berlin OTC Exchange  "878 341, EDV-Kürzel ATG"

 

Twin Mining's Atlanta Gold Corporation Has Revised Supplemental Plan For Proposed Gold And Silver Mine Accepted By Boise National Forest.

Twin Mining Corporation (“Twin Mining”) (TWG:TSX) is pleased to announce that Boise National Forest Supervisor Dick Smith determined that a “Revised Supplement to the Plan of Operation” (“Revised SPOO”) submitted by the Atlanta Gold Corporation, contained sufficient detail to continue further environmental analysis of the proposed Atlanta Gold mine near Atlanta.

The document outlines how the company seeks to develop a gold and silver mine with an estimated total production of 500,000 ounces of gold (with silver as a by-product) over a 7 – 10 year mine life. The proposed mine site is approximately 2 miles south of the historic mining community of Atlanta, located about 60 miles east of Boise in Elmore County.

Acceptance of the Company's proposed plan supplements the continuation of an environmental analysis process that began in 2003. A Draft Environmental Impact Statement (DEIS) is anticipated for public comment late this year. A Final EIS and Record of Decision could be completed early next year.

The company's initial proposal for its operations received public and agency comments through public meetings and letters in early 2004. Atlanta Gold Corporation then performed additional project feasibility analyses that led to this Revised Supplement to the Plan of Operations.

Key areas of change in the new plan resulting in improved project economics include the following:

  • Early placement of personnel camp at confluence of Yuba River on Decker Creek
  • In winter stripping of waste only, ore operations the remainder of the year
  • Stockpiling of supplies for winter operation

I have completed a review of the supplement and find it acceptable to move forward with the environmental analysis that will be conducted under the National Environmental Policy Act,” said Boise Forest Supervisor Dick Smith. “Because of the changes reflected in the 2006 Revised SPOO, I invite the public to review the Revised SPOO and provide input on any revision or modification of the key issues.”

In accordance with current laws and regulations, the Forest Service's role is either to approve Atlanta Gold's Plan of Operations as submitted, or to require changes to the plan prior to approval to minimize impacts to natural resources and protect public health and safety. This decision will be made following a thorough environmental analysis, and the completion of an EIS.

“Following public and agency review of the current issues, the next major step is to develop alternatives responding to those issues with a thorough public review and comment process,” said Smith. “As products, such as data and other information used for the alternative analysis are completed, they will be available on the website as we move toward a draft EIS.”

The project will also be evaluated concurrently under the Idaho Joint Review Process (IJRP). The IJRP is designed to coordinate state and federal agency review and permitting of proposed mining projects in Idaho .

The Forest will direct the use of a “Third Party” contract with Tetra Tech, Inc. who will be responsible to the Forest Service for preparing an EIS that meets the requirements of the Forest Service NEPA procedures. Tetra Tech, Inc. is a large environmental and engineering firm with broad experience in preparing NEPA documents for mining and other mineral resource development projects.

The resulting plan yields more than 500,000 of gold and more than 1,000,000 ounces of silver at a rate of 110,000 ounces of gold and 280,000 ounces of silver per year for the first 3 years. The estimated cash cost is in the US$220/oz gold range which combined with present prices of US$680/oz of gold and US$13.90/oz of silver underscores its compelling economics.

Atlanta Gold and Twin Mining are socially and environmentally responsible companies dedicated to acquiring, exploring and developing high quality mineral properties.

 

For further information contact:
Badshah Communications Group Ltd.
Hermann Derbuch, P.Eng.
Tel.: (604) 408.7522
Chairman, President & CEO
Fax: (604) 408.7528
Tel.: (416) 777-0013, Fax: (416) 777-0014
E-mail: info@twinmining.com

© 2006 Twin Mining Corporation

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future financing plans and prospects of Twin Mining and its Atlanta Gold Project. Although Twin Mining believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Twin Mining cautions investors that any forward-looking statements by Twin Mining are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, Twin Mining's ability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and the other risk factors described in Twin Mining's most recent annual report on Form 20-F, as amended, which is available at www.sec.gov and www.sedar.com .