Premier Gold Mines of Thunder Bay has received provincial approval to begin dewatering a past producing gold mine in the Geraldton-Beardmore area of northwestern Ontario.
The company announced Oct. 24 that it has received an Environmental Compliance Approval (ECA) and a Permit to Take Water (PTTW) from the Ministry of the Environment.
The junior miner said this represents a major step towards advancing its Trans-Canada Project and provides Premier with the ability to de-water and commence advanced exploration at the historic MacLeod-Mosher Mine site, which is host to the Company's Hardrock deposit.
Premier is in the final stages of updating its resource estimates and has started evaluating various development options in advance of making a final decision on an advanced exploration program.
"The approvals will facilitate a timely advanced exploration program and positions Premier to potentially reach its ultimate objective of converting Trans-Canada into a producing asset" stated Ewan Downie, company president-CEO in a statement.
The Trans-Canada project package consists of a stable of past-producing mines which collectively produced more than 4 million ounces of gold from depths within 600 metres of surface between 1938 and 1968.
The company recently raised $64 million through a public offering of common and flow-through common shares. The funds are earmarked for exploration and development activites, to repay indebtedness and general working capital.
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