Licence Approvals Granted for TGME Underground Gold Mine
Sydney, Sep 6, 2022 AEST (ABN Newswire) - Theta Gold Mines Limited (
ASX:TGM) (3LM:FRA) (TGMGF:OTCMKTS) is pleased to advise that it has received two environmental licences for the TGME Underground Project, its flagship gold asset in South Africa.
The successful approvals mark another key step forward for the development of TGME Underground Project and leave the Company on track to achieve its target of full project permitting by Q1 2023.
Theta Gold confirms receipt of an Atmospheric Emissions Licence from the South African Department of Forestry, Fisheries, and Environment (DFFE).
This licence is issued in accordance with section 41(1) the National Environmental Management: Air Quality Act, 2004 (Act 39 of 2004), and provides Theta Gold with the permitting approval to operate the gold processing plant.
Secondly, a State Forest Licence has been issued to the Company in accordance with Sections 23 and 24 of the National Forests Act, 1998 (Act No 84 of 1998) for the Frankfort Mine.
The issuing of this licence is outside the normal Department Mines Resource and Energy (DMRE) permitting process, but was required in this instance as the forestry company is also the landowner at Frankfort Mine.
The successful approvals are the by-product of an extensive period of engagement with domestic regulators, which required the company to satisfy a broad range of criteria to meet the standards set out by government departments at the federal level.
In light of its latest round of successful licence applications, the Company continues to advance the long-term environmental approvals process for MR83 following the release of its Definitive Feasibility Study earlier this year (refer ASX Announcement 27 July 2022).
Forestry permit applications with the DFFE for the continuation of mining remain in progress (refer ASX Announcement 18 July 2022)
The Company looks forward to providing further updates on its regulatory pathway in Q4 2022, as it remains on track to obtain full regulatory approval for the project in the March quarter of 2023.
Theta Gold Chairman, Bill Guy, commented: "The Atmospheric Emissions Licence from the Department of Forestry, Fisheries, and Environment is great progress. We thank the DFFE for their support and for delivering the licence early, which was initially expected in Q1 2023. The Company now keenly awaits the DFFE minister's decision on the continuation of mining within the Forestry Reserve at MR83. The company also thanks the landowner (Forestry Company) for their support, in connection with the approval of a State Forest Licence for the Frankfort Mine. Frankfort Mine - which sits outside the Forestry Reserve - now only requires a Water Use Licence (WUL) to be fully permitted for mining. A final WUL decision is expected in Q4 2022. The Frankfort Mine is already predeveloped with good access to gold ore, and the company will examine options for Frankfort Mine once all the permits are in place."
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About Theta Gold Mines Limited
Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region. These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.
Theta Gold Mines core project is located next to the historical gold mining town of Pilgrim's Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province). Following small scale production from 2011-2015, the Company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future.
The Company aims to build a solid production platform to over 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources. Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.
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