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Calibre receives federal nod for third pit at Valentine

7th August 2024

By: Creamer Media Reporter

     

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TSX-listed Calibre Mining has received federal environmental assessment approval for the addition of a third openpit, the Berry deposit, at its Valentine gold mine in Newfoundland and Labrador.

Last August, an environmental assessment update was submitted to the Impact Assessment Agency of Canada regarding proposed changes to Valentine to include the berry pit and associated infrastructure changes.

“I am pleased to announce that we have obtained federal environmental approval for the development of the Berry pit at Valentine. With this approval and the recent issuance of provincial mining and surface leases for Berry and associated infrastructure, we now have the major approvals required for the three-pit mine plan included in the 2022 feasibility study,” commented Calibre president and CEO Darren Hall.

“Since acquiring Valentine in January, we have progressed engineering to 98%, advanced construction from 50% to 77%, and employed an experienced operations team, positioning us to deliver first gold in the second quarter of 2025.”

A December 2022 feasibility study outlined an openpit mining and conventional milling operation over a 14.3-year mine life with a 22% after-tax rate of return and an average gold production profile of 195 000 oz/y of gold for the first 12 years.

Edited by Creamer Media Reporter

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