Dec 8 2015
Victoria Gold Corp. "Victoria" or the "Company" is pleased to announce that it has received the final Water Use License allowing for the construction, operation and closure of Victoria's flagship Eagle Gold Project, Yukon.
Victoria's Eagle Gold Project, a proposed open-pit heap leach mine projected to produce approximately 200,000 ozs of gold annually, has now been granted all major permits required to construct, operate and close the project. Victoria's application to support the Environmental Assessment was submitted in December 2010. Since that time, Victoria has completed the Environmental Assessment (in April 2013), received a Quartz Mining License (in September 2014), received a Water Use License for construction (in February 2015) and, as announced herein, received a Water Use License for operations and closure. This completes the major mining permits required to advance Eagle through construction and operations.
"With the final Water Use License in hand, Eagle represents a truly unique asset, being a fully permitted gold project, with First Nation support, located in Canada, capable of significant annual gold production exceeding 200,000 ozs at a low all-in-sustaining cost," said John McConnell, President & CEO. Eagle's low cost of production is expected to be achievable due to a number of factors including: a low strip ratio; short mine haul distances and superior infrastructure including existing year-round road access; close proximity to the Yukon electrical grid; nearby commercial airstrip; and an existing construction camp.
The final Water Use License application process culminated in a week-long public hearing in June 2015. During the hearing the Water Board Chair stated, "… out of many of the companies or applicants that come before this Board, I think you [Victoria] are remarkable for having had with you -- for the duration so far -- virtually the same team. You've put together an 'A' team, and that, in turn, has led to your preparation of what -- in our opinion -- is a very, very good submission, and that goes a long way to assisting the entire application process. It also goes a long way to giving evidence of the trust that exists between yourselves -- as the applicant -- and the people in this community, and larger, the people in the Yukon Territory. So, congratulations, you've done a remarkably good job in bringing your team together and providing a good application. That's going to stand you well as you move forward."
Victoria would like to thank the First Nation of Nacho Nyak Dun for their participation in the Water Use License application and on-going partnership through our Comprehensive Cooperation Benefits Agreement, the Water Board and Water Board Secretariat, the Yukon Government and all interveners who participated in this process to ensure the Eagle Gold Project has been rigorously reviewed and determined to be a project that should proceed to the benefit of all Yukoners.
Source: http://www.vitgoldcorp.com/