WPG Resources obtains mineral lease for Tarcoola gold project in Australia

8 March 2016 (Last Updated March 8th, 2016 18:30)

WPG Resources (WPG) has secured a mineral lease for its Tarcoola gold project located in South Australia.

WPG Resources (WPG) has secured a mineral lease for its Tarcoola gold project located in South Australia.

The Tarcoola Mineral Lease (ML) was confirmed by South Australia's Treasurer, Finance Minister, Minister for State Development and Minister for Mineral Resources and Energy Tom Koutsantonis.

WPG's wholly-owned subsidiary Tarcoola Gold received the ML 6455, of 725ha over the previous MC 4376, for a period of ten years.

The new lease covers the complete Tarcoola goldfield and not the proposed initial pits on the perseverance and last resource orebodies.

"WPG is pleased to have finalised this key step in the permitting process for the Tarcoola gold project."

WPG executive chairman Bob Duffin said: "WPG is pleased to have finalised this key step in the permitting process for the Tarcoola gold project.

"We also acknowledge the constructive engagement of other stakeholders with interests in the Tarcoola region, in the process that led to the grant of this lease."

"The grant of ML 6455 is a further milestone in WPG's transformation from the iron ore sector to its new status as an emerging gold producer."

Following the receipt of the ML, the company plans to finalise the programme for environment protection and rehabilitation (PEPR).

Once the PEPR is approved, WPG plans to go ahead with the project development at Tarcoola by working with the Department of State Development.

Mine construction and production are expected to begin later in 2016.

In May 2014, WPG acquired the Tarcoola gold project where mining would be a conventional open pit operation with associated heap leach processing.