Dundee Precious Metals report progress on its Bulgaria Krumovgrad gold project development
Dundee Precious Metals company from Canada reported on a positive development in its Bulgaria Krumovgrad gold project permitting process. Dundee is also present in Serbia thru its majority owned Avala Resources.
Krumovgrad Municipal Council (“Council”) approved the terms of reference submitted by the Company for preparation of a detailed development plan (“DDP”) for the land the Project is sited on and voted to allow DPM to proceed with preparation of the DDP. In August 2014, the draft of the DDP was submitted to the Municipality for public announcement and to the relevant authorities for coordination and preliminary approval. Today, DPM is pleased to report that the final DDP has been approved and announced by the Krumovgrad Mayor. With the appeal process having expired on November 19th 2015, the DDP is now fully in force.
“This is a critical step in the construction permitting process as it is a prerequisite to allowing construction of the Project to proceed” said Rick Howes, President and CEO.
With the final DDP in force, the next step in the approvals process is for the Executive Forestry Agency to approve the final re-designation of the land from forestry land to industrial land, which will then allow the Company to initiate the land purchase process.
The Company is targeting land re-designation and purchase in the first half of 2016, the issuing of a construction permit by the end of the second quarter of 2016, and commencement of construction in the second half of 2016.
The proposed mine site is located approximately 3 km south of the town of Krumovgrad in southeastern Bulgaria.
The project plan contemplates the construction of an open pit mining operation comprised of a process plant which will employ conventional crushing, grinding and flotation processing for gold extraction.
The plant is designed to treat up to 840,000 tonnes of ore containing 85,700 ounces of gold per annum over an eight year mine life.
The capital cost to complete the construction of the mine and associated facilities, excluding sunk costs, is currently estimated at $164.1 million (153.6 million euro)
An update to the capital cost estimate was initiated in early 2015, and is planned to be completed by the end of the first quarter of 2016.
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The Company’s principal operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver, located east of Sofia, Bulgaria; DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including the Krumovgrad project and interests held through its 50.1% owned subsidiary, Avala Resources Ltd
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