Loading ...Shares in Roxgold Inc (CVE:ROG) gained more than 10% in brisk trade on Friday, after announcing it has received final permitting approval for ultra-high grade Yaramoko project in Burkina Faso.
In midday dealings the Toronto-based junior was trading just off its highs for the day changing hands at $0.68, up 9.7% on the Toronto Venture Exchange.
Roxgold is now up up 23.6% in 2015, but still down more than 17% over the past six months following political upheavals in Burkina Faso. The approval also restores some confidence in Burkina Faso’s ability to move mining forward amid the turmoil.
With the mining decree, the $195 million company can now move forward with the start of construction of the underground mine in West Africa and complete a project financing package of some $75 million.
Yaramoko stands out as a project thanks to a combination of one of the high-grade undeveloped deposits in the world containing probable reserves of 759,000 oz of gold at an average grade of a whopping 11.83 g/t gold and some of the lowest costs in the industry – all in sustaining costs of $590 an ounce.
more http://www.mining.com/roxgold-rockets-on-burkina-permits-92050/