THE BOURSE WHISPERER: Vimy Resources (ASX: VMY) has picked up two new Mining Leases to progress the development of the company’s Mulga Rock project in Western Australia.
Vimy Resources explained the new Mining Leases (M39/1104 and M39/1105) replace the previous Mining Leases M39/1080 and M39/1081, whichhad been originally granted in July 2012, and have since been conditionally surrendered and are no longer active.
All licences and conditions attached to the original tenements will be carried over to the new Mining Leases.
“The granting of the new Mining Leases is an important step forward in the development of the Mulga Rock project and will facilitate the realisation of the project,” Vimy Resources CEO and managing director Mike Young said in the company’s announcement to the Australian Securities Exchange.
“Under the new Mining Leases, Vimy now has security of tenure for all proposed mining areas and post-mine landforms for the life-of-mine of the project.
“This will provide greater operational flexibility to the mining crews and help deliver optimal environmental and engineering outcomes.”