Perseus Mining has received two 15-year mining leases for the Ghana-based Central Ashanti Gold Project (CAGP).
Following approval of the leases the project, which spans 93sqkm and was previously known as the Ayanfuri gold project, will now require an Environmental Protection Agency (EPA) permit before construction can commence.
Perseus said it will initially make a $30m investment for plant design and the purchase of long-lead items and initial site construction activities to allow quick project execution once EPA approval is received.
Perseus MD Mark Calderwood said the granting of the leases is an important step towards commercial production at CAGP.
The project is likely to begin commercial production by the third quarter of 2011.