- Ascot (AOT) has received the Mines Act Permit from the B.C. Government to start construction operation of the Premier Gold Project
- Ascot expects to employ hundreds of people, especially from the Nisga’a Nation
- Ascot expects to invest C$353 million in initial and sustaining capital
- There are delays due to weather and construction is on hold until high snowfall subsides
- Ascot (AOT) is steady and trading at C$1.21 per share at 12:32 PM EST
Ascot (AOT) has received authorization to start the construction and operation of the Premier Gold Project.
The Premier Gold Project is located in the Golden Triangle of northwestern B.C.
The permit allows for a restart of operations at the project. Ascot expects to receive the Environmental Management Act Permit from the B.C. Government shortly.
The Mines Act Permit lets Ascot draw down the remaining US$75 million under the company’s project finance facility.
CEO and President of Ascot, Derek White commented on the news.
“We are grateful that our community-centred approach to responsible mine development and environmental stewardship was a vision shared by all parties involved in the permitting process.”
President of the Nisga’a Lisims Government, Eva Clayton added,
“The rights under our Treaty and our commitment to stewardship of the Nass Valley and Nisga’a citizens have helped to set the Premier Gold Project to be a safe, prosperous, and responsible mining operation.”
During the approximate one-year construction phase, Ascot expects the project to employ a total of 420 people, as well as subcontractors, suppliers, and ancillary services. Ascot hopes that many positions will be filled by Nisga’a Nation and other local community members.
During the first eight years of the mine, Ascot expects to invest $353 million in initial and sustaining capital and spend $884 million in operating expenses, the vast majority of which would be spent locally and in B.C.
The Premier Gold Project is expected to be one of British Columbia’s lowest carbon-intensive gold mines.
Delays were reported as components were lost at sea due to a major storm. The delay in replacing these components and the current abnormally high snowfall has led Ascot to put a hold on outdoor construction.
Ascot (AOT) is steady and trading at C$1.21 per share at 12:32 PM EST.