TORONTO (miningweekly.com) – Vancouver-based Rusoro Mining has received an exploitation permit from Venezuela's Ministry of Basic Industry and Mines to begin mining at the Increible 6 gold deposit in the country's Bolivar State mining region.
The deposit is about eight kilometres from the company's Choco 10 mine and mill, where ore from the Increible 6 will be processed.
The permit was issued to the government-owned Corporacion Venezolana de Guayana, which is the legal holder of the Increible 6 mineral title, which has agreed to lease the permit to a subsidiary of Rusoro for 20 years.
Increible 6 is the only exploitation permit approved this year in the Venezuelan mining sector, Rusoro said in a statement on Friday.
The company can now complete the final step required to start mining, which is the receipt of the permit to affect natural resources.
“The permitting process remains on track for production from Increible 6 in 2009,” Rusoro said.
Rusoro completed a preliminary study earlier this year, indicating that it could increase steady state production at Choco 10 to more than 500 000 oz/y, over a 12-year mine life, at average cash costs of just $331/oz.
Ore would come from the existing Choco 10 operation (comprising the presently operating Rosika, Coacia and Pisolita openpits) and planned mine production from the Villa Balazo-Karolina pit at Choco 10, Increible 6 and two other small deposits.
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