THE BOURSE WHISPERER: Atlantic Gold has received notice from Nova Scotia Minister of Natural Resources that vesting orders have been issued over the company’s Touquoy gold project under the provisions of the Mineral Resources Act for 14 surface land titles.
The 14 titles were the only remaining non-Crown titles (of a total of 63 non-Crown titles) over the planned Touquoy gold mine site the company required to complete the surface title acquisition program.
Touquoy gold project location. Source: Company web site.
“The company is delighted to have successfully completed the surface titles acquisition program at the Touquoy gold project,” Atlantic Gold executive director Wally Bucknell said in the company’s announcement to the Australian Securities Exchange.
“It represents a major milestone in the development timeline of the project, and with Environmental Assessment Approval and the Mineral Lease already in place, is one of the last major requirements prior to commencing development programs to take the project into production.”
Atlantic expects to assume possession of the 14 properties over the coming months as compensation to the affected land owners is determined under the provisions of the Expropriation Act.
However, Atlantic Gold will make an application under the Expropriation Act for immediate possession of 11 of the properties which are abandoned and/or have indeterminate title or ownership.
Compensation will be determined in a post-possession process using recently completed valuations of those properties.
Atlantic subsidiary, DDV Gold is already in possession of, and is the legal title holder of, 49 titles having completed numerous purchase and sale agreements.
Atlantic Gold said it welcomed the Minister’s decision adding it sets the stage for the development of a major and modern gold mining operation long awaited by many in Nova Scotia.