Major Permitting Milestone Achieved at Vares Project

Adriatic Metals (ASX:ADT) has announced that the Federal Ministry of Mining of Bosnia & Herzegovina has provided written acknowledgment of the completion of the reserves elaborat for the Veovaca deposit, which forms part of the broader Vareš project, representing a major milestone toward the issue of the exploitation permit.

As explained in the press release:

Under the terms of the concession agreement, the company is required to complete the conditions for an exploitation permit by May 2020, which will then provide the company with license tenure until 2038, and can be further extended at the election of the company for a period of 10 years. In addition to this reserve elaborat, the Company is also required to submit an environmental impact study; an in-principle site plan and a mining plan; land access agreements as well as an urban planning permit. As the company is the principal private land owner at Veovaca, we do not regard any of these requirements as problematic, and are working to fulfil all requirements in order to receive the exploitation Permit by Q4 2019.

Click here to read the full Adriatic Metals (ASX:ADT) press release.