Within the next several weeks, Continental Gold (VSE) is expected to submit the first formal document to begin the production permitting process for the Mt. Milligan gold-copper project near Prince George, B.C. The company recently announced the start of a $7.1-million feasibility and government permitting program for the project which is held 69.84% by Continental and 30.16% by a unit of BP Canada (TSE). The two companies are involved in a legal dispute wherein BP is seeking a greater interest in the property.
Continental also announced that Rio Algom (TSE) agreed to buy an additional 24,997 shares at $10 per share pursuant to the major company’s right to participate in about 7.7% of all Continental share issuances.
As operator, Continental is continuing an aggressive work program at Mt. Milligan which is estimated to contain a mineral inventory of in excess of 300 million tons in two deposits as established by 310,000 ft. of drilling in 406 holes.
On site, five rigs are completing infill, delineation and bulk-sample drilling. The company is also continuing mine, mill and feasibility engineering studies for a proposed 50,000-ton-per-day open pit mining operation.
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