True Gold Mining (TSX: V.TGM, Stock Forum) moves things forward at the Karma Gold project located in Burkina Faso, West Africa, when the company announced today that the Burkina Faso Council of Ministers had approved exploitation permits for the Kao and Nami deposits at Karma.
According to the news release, the aforementioned exploitation permits, equivalent to mining permits, were extensions of the already standing Karma Exploitation Permit issued in January, 2014, including the development of the Goulagou I, Goulagou II and Rambo deposits.
The permitting process, which typically takes six to eight months, was fast-tracked by officials showing a commitment to the creation of a positive and supportive mining jurisdiction.
Company President and CEO, Dwayne Melrose, commented, “We now have all required permits in place, both exploitation and environmental, to fully develop all five deposits within the current Karma mine plan.”
He then summed up, “With the final permits approved, detailed engineering complete, our mining fleet ordered, the barrage complete, and construction underway, we remain on track to build Burkina Faso's next gold mine and begin pouring gold by the end of 2015.”
True Gold Mining was in the news recently when the Vancouver-based company announced securing a long-term cement contract at a significantly better rate than stated in the feasibility study.
Shares edged up 2.63% on the news to $0.39 per share.
Currently there are 398.8m outstanding shares with a market cap of $155.6 million.