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TORONTO (miningweekly.com) – Vancouver-based Encore Renaissance Resources has been granted a permit by the British Columbia Ministry of Mines to start underground mining at the firm's flagship project, the Bonaparte gold mine.
Underground extraction will start immediately, and the company will ship ore south over the border, to a mill owned by Kinross Gold in Republic, Washington state.
Encore has already trucked bulk samples of ore from surface mining to the Kinross mill, and this will be processed together with the underground ore.
“Having the BC Mines approval means the company can now focus on the development of the mine with an expected steady flow of ore to be shipped to Kinross for sales,” Encore president Michael Mulberry said in a statement.
“Management is very excited at the imminent realisation of gold sales especially when you consider gold prices are near all-time highs. There are few junior companies that become actual producers, and we are proud to say that we will be joining that group in the coming weeks."
Encore's ore will be scheduled through the mill's cyanide, carbon in-leach, precious mineral extraction circuit “shortly” and the company will receive its first payment immediately afterwards.
Encore also has exploration projects in the Yukon, Alberta, and elsewhere in British Columbia, as well as in Nevada in the US.
The company owns 51% of Bonaparte and has an option to increase the interest to 60%.
Encore shares rose 2,9% on Monday, to C$0,18 apiece by 15:13 in Toronto.
