THE BOURSE WHISPERER: Excelsior Gold (ASX: EXG) has received approval for its mining proposal for the development of the Zoroastrian open pits by the Western Australia Department of Mines and Petroleum.
“The Zoroastrian Mining Proposal covers the extension of the haul road linking Excelsior Gold’s deposits to the Norton Gold Fields’ Paddington Mill and the development of the Zoroastrian Central and Zoroastrian Extended open pits,” Excelsior Gold explained in its ASX announcement.
“This approval is in addition to the mining approvals received earlier this month for the mining of the Bardoc South and Bulletin South open pits.”
Excelsior Gold claims Ore Reserves for the Zoroastrian open pits, based on an Australian dollar gold price of $1,380 per ounce, covered by this Mining Proposal to be 1.196 million tonnes at 1.92 grams per tonne gold for 74,200 ounces of gold.
Mining at the Zoroastrian Central and Extended pits is scheduled to commence in November 2015.
The company anticipates these open pits to provide ore for delivery to the Paddington Mill for processing for the first two years of the Capital Contribution and Ore Treatment Agreement, which kicks in in January 2016.
“The approval of the Zoroastrian open pit Mining Proposal further de-risks the project and will facilitate the finalisation of funding arrangements for the mining program,” Excelsior Gold said.