(Ecofin Agency) - Miner Orezone Gold declared that the council of ministers of the Burkinabe government has approved its application for a mining permit for its Bomboré gold project.

“This is a major milestone for our team and the Bomboré Project, including all of its stakeholders. This completes the permitting process and allows us to focus on the time line to construction and building up our operating management team,” said Orezone’s CEO, Ron Little.                        

With approvals granted, permit and related mining convention should follow in the coming months. With a treasury of more than C$30 million, the firm is well-positioned to complete all preliminary works before starting construction in Q2 2017.

Orezone owns 100% of the Bomboré project which is one of West Africa’s largest unexploited gold deposits. Feasibility study for the project which is located 85km east of Ouagadougou, the capital, revealed an internal pre-tax return rate of 24.4% and a net actual value of $196 million at a 5% discounting rate.

Louis-Nino Kansoun