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Update on Permitting for the Beauce Placer Gold Project, the Golden Hope Mines Option and Closes Financing
(via Thenewswire.ca) Montreal, Quebec / TNW-ACCESSWIRE / July 25, 2014 / Uragold Bay Res...
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[{"type":"text","content":"Update on Permitting for the Beauce Placer Gold Project, the Golden Hope Mines Option and Closes Financing(via Thenewswire.ca)\n\n \nMontreal, Quebec / TNW-ACCESSWIRE / July 25, 2014 / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR) recently met with Quebec's Ministry of Natural Resources (\"MRN\") to discuss the implication of the province Bill 70 that amended the Mining Act. The Company is pleased to announce that the amended Act has no negative impacts for the permitting process of both Uragold's Beauce Placer gold project and the Option on the Golden Hope Mines Bellechasse-Timmins gold deposit.\n\n\n \nAs previously announced on November 26, 2012, Uragold applied to the MRN for the right to processes 9,000 cubic meters (m3) of auriferous till through a pilot-scale operation (Phase 1). The pilot-scale operation is needed to allow the corporation to establish a statistical distribution model for the nugget effect of the gold grade of the buried placer channel, step required for the establishment of a higher level resource category required to complete the Feasibility Study (\"FS\") requirement found in the new Mining Act.\n\n\n \nSince the maximum size authorized for a Bulk Sampling program under the Mining Act is 2,800 cubic meters (m3) and because Uragold needs to complete Phase 1 before it can prepare an FS, the MRN has confirmed that they are ready to grant Uragold a \"conditional\" Mining Lease to complete Phase 1 based on the result of a Preliminary Economic Assessment study (PEA) and an approved Closure Plan. UBR will be authorized to start full-scale production (Phase 2) once the FS is submitted. \n\n\n \nThe Company's latest technical report (April 18, 2014) already contains these requirements in the work recommendations and therefore the New Mining Act does not affect the Corporation development timeline. \n\n\n \nIn February, Uragold announced an Option agreement with Golden Hope Mines to acquire up to 50% of the Bellechase-Timmins (BT) gold deposit. Part of the agreement required Uragold to complete a PEA. As a result to the new Mining Act, Uragold will now have to complete an FS instead of a PEA. This new requirement is not seen as a major issue since the Option agreement already required that UBR complete a new NI 43-101 Report for BT. In order to complete the new Technical Report, Uragold will first ...