Within the next several months, Australian mining company Troy Resources Limited expects to commence production at its Karouni gold project at Kaburi in Region Seven as it has received its mining licence.
“With the final stage of permitting now complete, and all major components for construction on site, Troy is now only a matter of months away from commencing production at Karouni,” Troy CEO Martin Purvis was quoted as saying in a statement.
The statement said that as a result of receiving the licence, the company is now in a position to proceed to the advanced stage of project development, including plant construction and pre-strip mining operations. The issue of the licence also completes the list of conditions and requirements for Troy’s $30 million Tranche B Facility with Investec Bank. The statement said that Purvis recognized the support and commitment it had received from the Guyanese Government in processing the licence. Last month, Troy’s wholly owned subsidiary, Troy Resources Guyana Inc (TRGI) received environmental authorization for its Karouni gold project. The company hopes to start operations in the second quarter of this year.
“This is another important milestone in the development of Karouni and represents a significant achievement in terms of the constructive working relationship between the authorities in Guyana and Troy’s local management team. Karouni is now gathering momentum in terms of activity on the ground and the mobilisation of a skilled local workforce and we look forward to meeting our first production target in the June quarter,” Purvis had said.
The Karouni project marks the first entry into Guyana by Troy. Troy’s other projects are located in Para State in Brazil and San Juan state in Argentina. All are focused on gold with the addition of silver in Argentina.
TRGI has proposed a medium-scale gold mine designed to produce up to 110,000 ounces of gold per annum based on an average overall recovery of 92% at the Black Water Creek, Kaburi Area, in Region Seven.
The mine will be focused on the recovery of ore for processing from Smarts and Hicks gold deposits. The project components include an open cut mine, processing plant, tailings storage facility, mine site accommodation and additional infrastructure required to recover and to process ore for the recovery of gold.
