THE BOURSE WHISPERER: Gryphon Minerals (ASX: GRY) has been granted a Mining Licence (Exploitation Permit) for the company’s 100 per cent-owned Banfora gold project in Burkina Faso.
Burkina Faso Minister of Mines and Energy, Mr. Lamoussa Salif Kabore said the Ministry was pleased to award Gryphon Minerals with a mining exploitation permit to extract gold from Banfora.
The Minister said Gryphon was the first Australian company in recent times to undertake exploration Burkina Faso and it will now be the first to be granted a mining permit.
He went on to say the Ministry of Mines and Energy was looking forward to the commencement of development and commissioning of the mine, which has strong and ongoing local support.
“Being permitted to develop and operate the Banfora gold project is a significant achievement and milestone for Gryphon,” Gryphon Minerals managing director Stephen Parsons said in the company’s announcement to the Australian Securities Exchange.
“It confirms the Burkina Faso Government is committed and supportive of the development of a two milioon tonnes per annum Heap Leach plant at Banfora.
“I look forward to providing further updates at this exciting time for Gryphon, as we transition from gold explorer to producer.”
The permit encompasses all four main deposits making up the Banfora gold project – Nogbele, Fourkoura, Samavogo and Stinger.
It is valid for Heap Leach processing extraction of gold and is also valid for an initial 20 year period, which can be extended under the country’s Mining Code for successive terms of five years each until complete exhaustion of all deposits.
With the receipt of the licence, Gryphon now has achieved all regulatory approvals necessary to commence the development phase of the Banfora gold project.
The Banfora project currently boats a Resource estimate of 3.6 million ounces of gold, which Gryphon claims to make it one of the largest undeveloped projects in West Africa.