UPDATE 1-Silver Sun Resource gets nod to build mill in California17 minutes ago - Reuters
UPDATE 1-Silver Sun Resource gets nod to build mill in California
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July 21 (Reuters) - Canadian metals miner Silver Sun Resource Corp said California regulators gave it the go-ahead to build and operate a mill within Yreka city's limits, sending its shares up 7 percent.
"Moving the mill to within the city limits may allow the company to expand the mill capacity to a 150 ton per day gravity circuit," President Mark McLeary said in a statement.
Silver Sun, which has a 50-ton per day mill at its Cherry Hill gold mine in northern California, will process its stockpiled ore at two contract mills till the new one is operational.
The company, which bought all of the Cherry Hill gold mine in June, might need more permits before it moves the mill, including an air pollution control permit from the Siskiyou county, considering the notorious smog and air pollution issues that plague California.
Shares of the Vancouver, British Columbia-based company jumped 7 percent to 62 Canadian cents, before paring some gains to trade up 3 percent at 60 Canadian cents on Thursday morning on the Toronto Venture Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)