Xali Gold announced that Sun River Gold Corp. has received a change in soil use permit which is the main permit required for the El Oro Tailings Project in Mexico. The permit received allows the Tailings to be moved out of the historical deposition site which is within the town of El Oro and to the industrial processing site outside of the town.
Joanne Freeze, President and CEO of Xali Gold, said: “We are very excited that Sun River now has the most important permit in hand so that ground preparation work can finally begin on our Tailings Project in El Oro. Sun River has been diligently advancing the Tailings Project and we have given several extensions due to the delays in the granting of this permit.”
Sun River has the option to acquire 100% of the Tailings Project from Minera CCM El Oro Jales (Xali Gold’s subsidiary) by making staged payments totalling US$500 000 (paid), bringing the tailings into commercial production by October 31, 2021 (now extended to December 31, 2023), and paying the Company a 5% Net Profits Interest (NPI), Life of Mine royalty as well as the Municipality’s 8% NPI on production from the properties. Xali Gold will also receive the first US$1.5M of the Municipality’s 8% NPI.
Sun River is a private Arizona based corporation managed by an experienced team of mining professionals with a combined 80 years of mining experience in Mexico, including specific experience in the reprocessing of old gold and silver tailings.
The Tailings Project in El Oro contains an Inferred Resource* of 1 267 400 t grading 2.94 gold g/t, 75.12 silver g/t containing 119 900 oz of gold and 3 061 200 oz of silver.
Read the article online at: https://www.globalminingreview.com/mining/09052023/xali-gold-receives-main-permit-for-el-oro-tailings-project/
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