Detour Project Left Under Provincial Environmental Review
Canada’s minister of environment and climate change has declined to designate Detour Gold Corp.’s West Detour project under the Canadian Environmental Assessment Act of 2012. This means the project will remain under the provincial environmental assessment permitting process, Detour says. BMO Capital Markets views this as a “slight positive, since the provincial process should be slightly faster.” Detour filed a draft environmental study report in January, and this has been distributed to impacted Aboriginal communities. “While this [federal] decision provides clarity on the jurisdiction of the regulatory process, it does not change our commitment to engage with our Aboriginal partners to ensure that their environmental, spiritual and cultural concerns are addressed," says Paul Martin, president and chief executive officer.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Pure Gold: Preliminary Study Shows 14-Year Life For Madsen Project
Thursday September 14, 2017 08:40
Pure Gold Mining Inc. (TSXV: PGM) says a preliminary economic assessment for its Madsen gold project in the Red Lake mining district of Ontario shows a 14-year underground mining operation at what the company sees as base-case metals prices. The study assumes a gold price of $1,275 an ounce. Average annual gold production in the third to ninth years was projected at approximately 75,500 ounces, with peak annual production of approximately 85,000. Darin Labrenz, president and chief executive officer, says the study points to “a long-life, high-margin mine, with low initial capital requirements and a fast timeline to production. In addition, we have identified specific exploration targets and potential optimization opportunities that could further enhance the economics of the project. We look forward to rapidly advancing the Madsen gold project to become Ontario’s next gold mine.”