- Altamira Gold (ALTA) has received the second trial mining license for its Cajueiro gold project in Brazil
- The company secured a 50,000 tonne per year license to mine the northern portion of the property’s Crente Resource area
- The company has already acquired a license to mine the southern portion of the property, and is awaiting two more trial mining licenses for other resource areas
- Altamira recently secured the property through a gold forward purchase agreement with Metalstream, in which Altamira will pay out just over C$10 million
- Altamira Gold (ALTA) is down four per cent and is trading at 11.5 cents per share
Altamira Gold (ALTA) has received the second trial mining license for its Cajueiro gold project in Brazil.
The company has already received permits for the construction of 1,000 tonne processing plant, with construction expected to begin in the second half of this year.
The second trial mining license gives Altamira the right to process an additional 50,000 tonnes of mineral reserves per year from the property’s Crente Resource area.
The company already has a 50,000 tonne a year trial license to mine the southern portion of Crente Resource area.
Permitting is ongoing for two additional trial licenses for mining claims that cover the Northern Baldo, Marines and Matrincha target areas.
Altamira recently secured the property through a gold forward purchase agreement with Metalstream, in which Altamira will pay out just over C$10 million over a number of years.
President and CEO of Altamira Gold Michael Bennett said he was extremely pleased with the company’s progress in all respects at its Cajueiro Gold Project.
“With two bulk sampling licenses in place, feed for the processing plant is now guaranteed for 2021, and plant construction is planned to commence later this year.
“The changes effected by the Brazilian government over last 18 months have accelerated permitting processes in both the mining and environmental agencies allowing us to keep the project on schedule for production in 2021,” he said.
Altamira Gold (ALTA) has is down four per cent and is trading at 11.5 cents per share at 2:30 pm EDT.