Perpetua Resources (TSX: PPTA) has achieved a major milestone with their Stibnite Gold Project in Idaho, with the company announcing this morning that they have received a notice to proceed from the US Forest Service. The notice serves as the last governmental approval required for the project to begin development.
Project construction can now begin at Stibnite upon Perpetua posting the joint financial assurance bonding agreed to by multiple governmental agencies. That bonding is to be in place for the duration of the construction period, and Perpetua expects to have that assurance in place within the coming weeks.
“After 8 years of extensive permitting review and over $400 million invested, it is finally time for the Stibnite Gold Project to deliver for America. A united vision to produce critical resources urgently needed for national security and to restore an abandoned site, along with the feedback from our communities, have guided us to this monumental milestone,” commented Jon Cherry, CEO of Perpetua.
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The notice marks the end of a permitting process that Perpetua began in 2016 in an effort to get the Stibnite mine back into production. The project was placed into the Fast-41 program earlier this year, accelerating the final steps of approval.
Once operational, the mine is expected to produce an average 296,000 ounces of gold over a 15 year mean life at estimated all in sustaining costs of $756 an ounce. Antimony is also expected to be produced, with 107 million pounds of that metal expected to be pulled out of the ground over the life of mine.
Early works construction is expected to commence on site this fall.
Perpetua Resources last traded at $23.99 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
