Africa-focused Montage Gold (TSXV: MAU; US-OTC: MAUTF) says it’s received all environmental approvals for the development of its US$712-million Koné project in Côte d’Ivoire, with its mining permit expected to follow later this year.
“The receipt of the environmental permit marks a significant milestone in our permitting process and reflects the strong support received from numerous government agencies and local communities,” commented Martino De Ciccio, CEO of Montage, in a news release.
With the environmental permit in hand, Montage has now submitted its mining permit applications.
Prior to receiving the environmental permit, Montage team members were received by President Alassane Ouattara at a ceremony in Abidjan, during which he reiterated the nation’s support for the Koné project and its benefits.
Koné hosts proven and probable reserves of 174.3 million tonnes grading 0.72 gram per tonne gold, for just over 4 million oz. of gold.
As outlined in a January feasibility study, Koné’s mine life is forecast at 16 years. During the first eight years, gold production is expected to average over 300,000 oz. annually, at an all-in sustaining cost of US$998 per ounce.
The mine permit submissions will cover a total area of 357.5 sq. km., encompassing the Koné deposit, the Gbongogo Main deposit, a 35 km haulage corridor, along with sufficient land area for all plant and related surface infrastructure for development of the mine. The entire property is 2,259 sq. km.
Shares in Montage Gold traded 7.2% higher at $1.34 this afternoon in Toronto, near a 52-week high of $1.41. Its market capitalization stood at $320 million.
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