Panama President sees no immediate risk from First Quantum mine
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Altamira Gold (TSXV: ALTA) has just received the first Trial Mining License with respect to a permit for its Cajueiro gold project in Brazil.
In a press release, Altamira said that the permit grants the company and its partner FMS Investimentos e Participacoes Ltda. the right to process up to 50,000 tonnes per year from the southern part of the key Crente resource area, and is valid for 36 months.
Altamira is pursuing Trial Mining Licenses over three additional claim blocks which would cover the resources in the northern part of the Crente deposit
The license also allows Altamira and FMS to start building a 1,000-tonne-per-day processing plant in the Cajueiro project area and will open up the southern portion of the highly-prospective Crente resource for feed for the plant.
“The publication of the first Trial Mining License on our flagship Cajueiro project is the culmination of an enormous amount of effort and allows Altamira and its partner FMS to begin construction of the processing plant early in the first quarter of the new year, as we advance towards trial mining, gold production and cash flow during 2020,” Michael Bennett, the Canadian miner’s president and CEO, said in a statement.
Located in the northern part of the Mato Grosso state in western Brazil, the Cajueiro project comprises a large land package located in the Alta Floresta – Juruena Gold Belt.
Historic gold production in the belt is recognized to be in the range of 7-10 million ounces, primarily from garimpeiro activity.
