Continental Gold Ltd. (TSX: T.CNL, Stock Forum) said that it has received formal approval for the modification of its existing Environmental Impact Assessment in Colombia.
The modification approval was received from Corantioquia, the autonomous regional corporation responsible for issuing and controlling environmental permits in Antioquia.
According to the press release, the environmental permit amendment allows the company to build a six-kilometre switchback road originating from the existing paved road at Buriticá down into the Higabra valley, the future site of planned mining and milling operations at the Buriticá project.
Additionally, the permit amendment allows the company to begin underground development in the Higabra valley by constructing a one-kilometre access tunnel measuring five metres by 4.5 metres.
The tunnel, which will eventually serve as the main access for all underground development, will initially provide the company with much-needed underground drilling access in order to infill drill existing mineral resources categorized in accordance with National Instrument 43-101 for the Yaraguá and Veta Sur systems.
Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia.
On Thursday, Continental Gold was trading at $7.41 a share. The company has a marklet cap of $817.6 million, based on 110.3 million shares outstanding. The 52-week high and low was $9.62 and $5.35 respectively.