Metallica licences renewed (September 01, 2004)

Minera San Xavier, a unit of Metallica Resources (MR-T) has received a renewal of construction and operating licences for its Cerro San Pedro project in San Luis Potosi, Mexico.

The construction of the Cerro San Pedro mine has been on hold since June because the initial explosives operating permit had not been granted. The explosives permit is still pending.

The Municipality of San Pedro has issued the licences supporting mine development. It is the Secretaria de Defensa Nacional that is responsible for issuing the explosives permit.

The Cerro San Pedro will be a heap-leach gold and silver operation. A group has been lobbying against the development and recently a constitutional protection was filed against the Environmental Impact Statement that was submitted to Minera San Xavier by the environmental authorities in 1999. The group alleges that federal environmental laws and other legal provisions have been violated. Minera San Xavier is working to resolve these problems.

At June 30, Metallica had US$42.5 million in cash and cash equivalents. It has 82.5 million shares issued and outstanding.

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