Marathon Gold (TSX: MOZ) is the winner of the classic Friday night news release this week. The company late on Friday announced that there are now additional delays expected for its Valentine Gold Project in terms of environmental permitting.
The firm last week was notified by the Minister of Environment and Climate Change for Newfoundland and Labrador that its review has been completed for the environmental impact study of the Valentine Gold project. Effectively, the ministry wants further details on certain environmental aspects of the proposed program.
Specifically, the regulator is concerned with with “Caribou Protection and Effects Monitoring,” as well as the effects on human health.
The request marks the second such amendment request, and a further delay for the company. Marathon will now take several weeks to amend the environmental impact study to the ministry’s demands, with the ministry now having 70 days to review the plan after submission. In short, the project has been set back multiple months, again.
The company indicated that its construction schedule for the project has now been adjusted as a result, with a “start-up delay of several months” to be expected.
Marathon Gold last traded at $2.80 on the TSX.
Information for this briefing was found via Sedar and Marathon Gold. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
