Rubicon Minerals reported the Ministry of Northern Development and Mines has approved the company's production closure plan for its Phoenix Gold project in Red Lake.
In a Dec. 2 release, president and CEO David Adamson called the approval a “significant milestone” in the project's development considering that the initial discovery was only made three and a half years ago.
The closure plan approval means development and construction can press on. The Vancouver company expects to have all its remaining permits for water, industrial sewage and its air certificate of approval by December, 2012.
Adamson said there remains ongoing consultation with Aboriginal groups whose traditional territory includes the private lands where the gold project is located. “To this end we are targeting conclusion of mutually beneficial agreements in 2012 covering the production phase of the project,” said Adamson.
The Phoenix Gold project contains an indicated resource of 477,000 ounces of gold at a grade of 14.5 grams per tonne (g/t), and an inferred resource of more than 2.3 million ounces at 17.0 g/t.
Production is targeted for 2013.
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