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ENVIRONMENTAL APPROVAL
By: Henry Lazenby
7th September 2012
TORONTO (miningweekly.com) – TSX-V-listed Canaco Resources had received an environmental-impact assessment (EIA) certificate for its Handeni project, in Tanzania, marking the first critical step to obtaining a mining licence.
The EIA certificate issued by the Tanzanian government covers the 100 km[SUP]2[/SUP] Handeni property, including the Magambazi project area.
Early in August Canaco entered into a memorandum of understanding (MoU) with an arm's-length third party, a Chinese gold producer, to create a joint venture (JV) to develop Canaco's Magambazi project.
Under the terms of the MoU, Canaco and the Chinese gold company would form a JV to develop and explore the Handeni project. Canaco's initial contribution to the JV was the Handeni property, including the Magambazi project and all rights and obligations within the Handeni property.
The Chinese gold producer may earn up to a 55% interest in the JV by funding 100% of the costs of the ongoing operations of the JV until the earn-in is complete.
"Receipt of this EIA certificate is the first step in the mine permitting process and a prerequisite for a Tanzanian mining licence. This demonstrates the support the project has received from government and local communities during public hearings," CEOAndrew Lee said in a statement.
The company in May released a maiden resource estimate for the Magambazi project, estimating the project to hold 721 300 oz in the indicated category and 6.7-million ounces in the inferred category, using a 0.5 g/t cutoff.
The company's shares stocks responded positively to the news, rising by 4.41% to trade at 35 Canadian cents apiece on Friday afternoon.
Edited by: Creamer Media Reporter
By: Henry Lazenby
7th September 2012
TORONTO (miningweekly.com) – TSX-V-listed Canaco Resources had received an environmental-impact assessment (EIA) certificate for its Handeni project, in Tanzania, marking the first critical step to obtaining a mining licence.
The EIA certificate issued by the Tanzanian government covers the 100 km[SUP]2[/SUP] Handeni property, including the Magambazi project area.
Early in August Canaco entered into a memorandum of understanding (MoU) with an arm's-length third party, a Chinese gold producer, to create a joint venture (JV) to develop Canaco's Magambazi project.
Under the terms of the MoU, Canaco and the Chinese gold company would form a JV to develop and explore the Handeni project. Canaco's initial contribution to the JV was the Handeni property, including the Magambazi project and all rights and obligations within the Handeni property.
The Chinese gold producer may earn up to a 55% interest in the JV by funding 100% of the costs of the ongoing operations of the JV until the earn-in is complete.
"Receipt of this EIA certificate is the first step in the mine permitting process and a prerequisite for a Tanzanian mining licence. This demonstrates the support the project has received from government and local communities during public hearings," CEOAndrew Lee said in a statement.
The company in May released a maiden resource estimate for the Magambazi project, estimating the project to hold 721 300 oz in the indicated category and 6.7-million ounces in the inferred category, using a 0.5 g/t cutoff.
The company's shares stocks responded positively to the news, rising by 4.41% to trade at 35 Canadian cents apiece on Friday afternoon.
Edited by: Creamer Media Reporter
