Roxgold obtains approval for Yaramoko project in Burkina Faso

31 May 2015 (Last Updated May 31st, 2015 18:30)

Roxgold has secured approval from Burkina Faso's Council of Ministers of its Mining Convention for the Yaramoko Gold Project in West Africa.

Roxgold has secured approval from Burkina Faso's Council of Ministers of its Mining Convention for the Yaramoko Gold Project in West Africa.

Said to have a validity period of 20 years commencing on the date of the grant, the convention may be renewed by Roxgold for subsequent periods of five years.

Recently, the company received approval of the state decree, allowing it to develop and operate the project in the Houndé greenstone region of Burkina Faso.

"It signifies yet another positive milestone in the development of Yaramoko."

Roxgold president and CEO John Dorward said: "We are delighted to announce the finalisation of the Mining Convention as it signifies yet another positive milestone in the development of Yaramoko.

"We look forward to continuing our development and working with all stakeholders in Burkina Faso to bring Yaramoko into production in mid-2016."

According to the Roxgold, construction activities at the project are progressing with advanced accommodation camp and bulk earthworks.

The company also completed excavation of the boxcut permitting underground development to begin.

Plantsite earthworks have also been concluded, enabling the mobilisation of the EPC contractor soon.

Roxgold's latest mining convention sets out the fiscal and legal terms for the gold project operation.

At present, the company is in the process of advancing Yaramoko's 55 Zone through construction and expects to begin production in the second quarter of 2016.