JOHANNESBURG (miningweekly.com) – Following an application to the Guinea government in September 2013, unhedged gold miner Avocet Mining’s subsidiary, Wega Mining Guinea, has been granted a mining licence for its Tri-K project, in the northeast of the country.
The group said on Thursday that the licence was granted based on technical information contained in a feasibility study for the heap-leach processing of gold.
Drilling at Tri-K had outlined a mineral resource of three-million ounces and, in October 2013, the company announced a maiden ore reserve on the oxide portion of the orebody of 500 000 oz, which was suitable for heap leaching.
As an alternative, the potential existed to exploit the entire three-million-ounce Tri-K orebody using the carbon-in-leach processing method.
In the intervening period, Avocet had carried out optimisation work to reduce the project’s capital and operating expenditure and had sought appropriate partners to finance, develop and operate the project.
These discussions were ongoing and would benefit from the granting of the exploitation permit, the group outlined in a statement.
Avocet was also working to ensure that its financing and project development plans would allow it to start construction as early as possible in 2016.