Vancouver-based Osino Resources Corp. (TSX-V: OSI) (OTCQX: OSIIF) (FSE: RSR1) has acquired a necessary environmental permit from government authorities in Namibia for a major open-pit gold mining operation in the country.
On Friday, the company announced receiving an Environmental Clearance Certificate (ECC) from the Namibian Ministry of Environment, Forestry and Tourism for the Twin Hills gold project.
A pre-feasibility study released in September last year indicated that the open-pit mine would have a 13-year lifespan and produce an average of 169 kilo-ounces per year. However, the company still has other hoops to jump through before attaining a full mining license for the Africa site.
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The permit will be valid for three years and renewable upon the conclusion of that term. The ECC is also subject to the relocation of grave sites located in the project area’s vicinity.
The company says a process is currently underway to properly move the graves and therefore obtain consent and satisfaction on the matter from Namibia’s National Heritage Council.
The other requirements the company needs for a full mining license include the implementation of a 5 per cent non-carried minority interest for local shareholders and a plan submitted to the government outlining Osino’s adherence to the poverty alleviation and socio-economic upliftment strategy of especially disadvantaged population groups created by the Namibian government.
“We are very pleased to have received environmental authorization for full-scale mining for our Twin Hills gold project. We recognize that there are still a few outstanding approvals and consents to be achieved such as the grave relocation, conclusion of the site-specific secondary permits and the additional conditions to the mining license,” said Heye Daun, President and CEO of Osino.
“Nevertheless, this milestone takes us one step closer to being fully permitted. This again confirms Namibia as one of the world’s top mining jurisdictions, where it is possible to permit and advance a large-scale open-pit gold mining project, according to global best practices, from inception to approval within less than three years.”
Osino’s stock increased by 1.05 per cent today to $0.96 on the TSX Venture Exchange.
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NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (FSE: 5E50) is another example of a Vancouver-based gold producer that has been making substantial progress with its operations.
On Monday, the company commenced its inaugural drill program at the Nutmeg Mountain project in Idaho where it will be testing a series of gold resource and exploration targets.
NevGold has better gold grades than many competitors and the company’s Limousine Butte project in Nevada has been yielding intercepts that are approximately 60 per cent better than comparable companies.
NevGold stock rose by 1.27 per cent today to $0.40 on the TSX Venture Exchange.
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