JOHANNESBURG (miningweekly.com) – The Burkina Faso Council of Ministers has approved the exploitation permits for TSX-V-listed True Gold’s Kao and Nami deposits, which formed part of the Karma gold project.
The company pointed out that the Kao and Nami exploitation permits, which were the equivalent of mining permits, were extensions of the existing Karma exploitation permit received by True Gold, in January, which had included permits for the development of the Goulagou I, Goulagou II and Rambo deposits.
“We now have all required permits in place, both exploitation and environmental, to fully develop all five deposits within the current Karma mine plan,” said True Gold president and CEO Dwayne Melrose.
He pointed out that, with the final permits approved, detailed engineering complete, the mining fleet ordered, the barrage complete, and construction under way, the company remained on track to build Burkina Faso's next gold mine.
The mine, which would produce between 70 000 oz/y and 90 000 oz/y of gold, would be built over a period of 18 months, with prestripping to start 12 months prior to the first gold pour at the end of 2015.
True Gold was spending $131.5-million on building the mine and associated facilities, with $30-million to be spent by the end of September.