Monday, 3 December 2012

Treasury Metals completes permitting milestone for Goliath gold project


Toronto-based Treasury Metals (TSE:TML) says it has achieved a permitting milestone with the filing of a project description for its Goliath gold project in Ontario. 
The company said Monday its project description was submitted and accepted by the Canadian Environmental Assessment Agency (CEAA), and initiates the official permitting and approvals process for mine development. 
The document officially begins the legislated period for the completion of the environmental assessment (EA) by CEAA, which includes 45 days to determine whether an EA is required, and a period of 365 days to complete the EA. 
CEAA will use the project description to develop guidelines that Treasury will follow to create an environmental impact statement (EIS), which is required under the government's permitting process. 
The project description outlines the proposed project development plan, and will provide the appropriate agencies with a "greater understanding" of the asset, Treasury said. 
The scope of the operation includes an initial open pit, followed by a combination of both open pit and underground mining methods of 10 to 12 years of mine life. 
Processing will be done using a 2,500 tonne per day carbon-in-leach plant, with any associated infrastructure necessary described in the document, the company said. 
The filing also outlines the results of more than two years of environmental baseline studies by the miner, as well as anticipated socioeconomic and environmental impacts and consultations with local, provincial and federal government agencies and First Nations. 
"I'm pleased that the company has now submitted this milestone document," said president and CEO, Martin Walter. 
"This represents an important stage as we continue to move the project ahead. The in-house technical team has been hard at work to complete the document and has already started to compile our extensive ongoing environmental baseline for inclusion into the EIS." 
The company is continuing its ongoing exploration program at its Goliath gold project, which is designed to increase the resource size and upgrade inferred resources into the indicated category for the completion of a feasibility study in 2013.
The program will also see drilling on a number of prospective targets on its newly acquired property that is next to the current deposit. Earlier this month, Treasury said it consolidated the land around its Goliath gold deposit area in Ontario after two strategic property acquisitions for a total of $1.8 million. 
The company has also recently started drilling targets at its 100 per cent-owned Goldcliff project, located around 40 kilometres south-southeast of Dryden in northwestern Ontario and last week said it made a new high grade gold discovery there. 
In the third hole of an initial nine hole program at the site, the company returned gold grades of 332 grams per tonne over 4 metres. 
Shares of Treasury were changing hands at 92 cents on Monday afternoon.

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