The Conversation (0)
Integra Gold Corp. (TSXV:ICG,OTCQX:ICGQF) announced that the Canadian Environmental Assessment Agency has said it does not need to file an environmental impact study for the combined Sigma-Lamaque mine and mill complex and Lamaque South project.
Integra Gold Corp. (TSXV:ICG,OTCQX:ICGQF) announced that the Canadian Environmental Assessment Agency (CEAA) has said it does not need to file an environmental impact study (formally known as a federal environmental assessment) for the combined Sigma-Lamaque mine and mill complex and Lamaque South project.
As quoted in the press release:
The Company submitted a preliminary project description to the CEAA to ensure compliance with the Canadian Environmental Assessment Act of 2012. After review of the preliminary project description, the CEAA concluded that an EA is not required by the Company since the contemplated future development of the Lamaque project does not meet or exceed any of the Regulations Designating Physical Activities that would prompt an EA. This is due to the fact that surface disturbance at Integra’s Lamaque South Project accounts for only a very small fraction of the combined land package following Integra’s acquisition of the neighbouring Mill Property. Integra is currently modifying its development plan to reflect a change in which mineralized material from the Parallel Zone will no longer be mined from surface, but instead be accessed via underground infrastructure acquired with the Mill Property, thereby minimizing the impact on the surrounding environment. Most of the required permits are already in place for the acquired property, the majority of which have now been transferred into Integra’s name.
Stephen de Jong, president and CEO of Integra, commented:
We are expecting to realize significant operational and capital expenditure savings as a result of the Sigma/Lamaque Mine and Mill acquisition, but we did not fully appreciate the substantial impact it would have on our project permitting timeline. Permitting is a crucial factor in the successful development of any project, and is often overlooked at the PEA stage. We will confirm the full impact that this ruling will have on our development timeline as part of our updated PEA which is now nearing completion.
From a time value perspective to cash flow, this ruling should save an estimated 6 to 12 months as we progress towards a production decision, in addition to the positive timeline implications stemming from the infrastructure obtained in the acquisition.
Click here to read the full Integra Gold Corp. (TSXV:ICG,OTCQX:ICGQF) press release.