Minera Alamos Receives Permits, Gold Pour Expected Next Year
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Minera Alamos said it plans to produce its first gold mid-2020 after the company received its federal environmental permit to develop the company's Santana gold project.
The company said it now has the "...key approvals necessary for the construction of a commercial scale mine and gold heap leach processing facilities at the Santana project site."
The company's stock (CVE:MAI) was up 6.25% to 17 cents a share.
The mine's preliminary economic assessment showed a net present value of $69.8 million and a 93% internal rate of return.
"The receipt of the MIA permit approvals represents the culmination of our efforts over the last couple of years to transform Minera Alamos into a commercial gold producer. We are extremely proud of our technical team’s efforts to successfully obtain operating permits for the Santana project in a little over a year following their submission." stated Darren Koningen, CEO of Minera Alamos.
"The Company is currently well positioned to initiate construction activities late this year with first gold production planned mid-2020. In addition, as our geological knowledge of the Santana project area has expanded dramatically over the last year, we are excited to advance our exploration efforts and to demonstrate the full resource potential of the area as we move forward with the proposed mine development."