Permitting delays impact British Columbia projects valued at C$38 billion, AME says
British Columbia's exploration sector has over 60 critical mineral projects waiting for permits.
Guyana Goldfields (TSE:GUY) got a nice bump today after the company announced an agreeement with the Guyana government for developing its Aurora gold project.
The stock was up around 8.5% on nearly-double average volumes mid-day on the Toronto exchange.
Under terms of the agreement, known as a Fiscal or Stability Agreement, the company agrees to pay a mining royalty of 5% on gold sales priced at US$1000/oz or less, or 8% if the gold price is over$1,000/oz. The corporate tax rate is set at 30%.
The agreement is the last step in obtaining a mining licence in the South American country, after Guyana Goldfields obtained an environmental permit in September of 2010. The company says all permits and licences for the project will be issued within 45 days.
The proposed mine, a combination underground and open pit operation, contains 5.71 million ounces of gold in the measured and indicated category and 1.17 million ounces inferred.
Photo of the Aurora gold project by Guyana Goldfields Inc.
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Guest
is this man digging gold from the soil??