One of the most important steps of de-risking a mining project is getting the authorization from the Ministry of Mines to begin construction of a mine. Getting the correct permits and licenses potentially take years to receive, but Gold Mountain (TSX.V: GMTN OTCQB: GMTNF) continues to outperform as they have been able to aggressively move along the developments of their 100% Elk Gold Project, located near Merritt BC.
Gold Mountain Mining (TSX.V: GMTN OTCQB: GMTNF) has received its notice of departure (NoD) to begin mine construction at its 100-per-cent-owned Elk gold project located near Merritt, B.C. The company anticipates construction to begin in May 2021 and is the first major operating catalyst to ore delivery in the fourth quarter of 2021.
- On April 29, the company received authorization from the Ministry of Mines to begin construction and upgrades required to put the mine back into production
- This milestone is in line with the company's second quarter forecast and is a major catalyst to preparing the site for ore mining and delivery.
- The company has resolved the remaining information requests from the Ministry of Energy, Mines and Low Carbon Innovation (EMLI) and the Ministry of Forests, Lands, Natural Resource Operations and Rural Development (FLNROD).
- Once all information requests have been accepted, it is anticipated the permit amendment will be sent up for final approval.
"Feedback from institutions has always been that our projected timelines are aggressive and might be difficult to achieve", commented Kevin Smith, CEO of Gold Mountain. "Receiving this Notice of Departure allows us to take the critical steps of upgrading our existing water management system, installing a weigh scale, as well as leveraging a gravel borrow to start stripping waste from our initial pit and repurpose it into aggregate needed to resurface roads throughout the property. By getting into construction early, we will be ready to hit the ground running once our various mine permit amendments are approved. Since acquiring this project, we were very clear about our intent to quickly put this mine back into production, with efficient deployment of capital. Management intends to continue maintaining our strong treasury, while pushing the pace of project advancement and delivering key milestones, week after week. With the snow on site nearly gone, our mine construction partner, Nhwelmen-Lake LP, has been notified to begin mobilizing their equipment, in anticipation of developing BC's next high grade Gold and Silver producer."
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