Gold Bullion recently received a permit to allow trenching to more precisely define the ideal location to begin open pit mining. The Company will be commencing on the Mousseau Pit (Pit 4 on attached map, the easternmost pit – this map may be subject to some modifications as CofA recommendations are implemented) once the Certificate of Authorization (CofA) has been received. This work is slated to be completed within the next several weeks by a local contractor.
The Mousseau Pit has an estimated 32,144 ounces gold at a grade of 4.37 grams per tonne gold in 229,000 tonnes of ore in the Probable Reserve Category. These newly released numbers form part of a subset of data prepared for the PFS report released June 19, 2014 effective May 6, 2014. This pit will commence in Year 1 of the Rolling Start and will be completed in Year 2.
In tandem with the stripping, the City of Rouyn-Noranda has also prepared to commence logging the area covered by the proposed mining complex. This is a mutually and financially beneficial and appreciated arrangement for both the City and Gold Bullion as it will aid in the preparation of the ground for initial mining.
The Company also wishes to confirm that noise-monitoring studies required for the CofA have recently been completed and forwarded to the Ministry evaluating the application for CofA. Although water quality studies have been done, additional water level studies of local wells are to be initiated in the near future. These are all ongoing studies to comply with Ministry Guidelines, the Mining Act and community concerns.
The Granada Rolling Start has been developed by the Company as a model to derisk the project while optimizing exploration, mining, and processing parameters for best fit under current economic conditions. The model is sufficiently dynamic and has been developed to anticipate future market changes.
Additionally, Public Consultation is continuing with the communities of Granada and Rouyn-Noranda to address their concerns in a positive and respectful manner for the mutual benefit of all. A number of questions and concerns have been put forward and the Company is committed to answering and dealing with any issues while maintaining a commitment to the environment while moving forward within the confines of legislation and regulations mandated by both Federal and Provincial Governments.
