Permission granted to operate Talisman gold mine in New Zealand

7 August 2014 (Last Updated August 7th, 2014 18:30)

New Talisman Gold Mines has received permission from the Department of Conservation of New Zealand to operate the Talisman gold mine for a period of one year, from 11 August 2014 to 10 August 2015.

New Talisman Gold Mines has received permission from the Department of Conservation of New Zealand to operate the Talisman gold mine for a period of one year, from 11 August 2014 to 10 August 2015.

Located on the Coromandel Peninsula, the mine had previously produced one million ounces (Moz) of gold and 3Moz of silver.

The Talisman mine has a potential to produce between 0.55Moz to 2Moz of gold, and between 1.5Moz to 6Moz of silver from the permit area.

"It is a testament to the hard work of the Talisman team and our focus on stablishing the Talisman mine as a significant producer in the NZ gold industry."

Following the bulk sampling and trial mining project plan, which requires approval from the department and other government agencies in the country, the Talisman mine is expected to deliver 600t of ore a month until it reaches full production.

The company also needs to obtain approval for the authority to enter and operate, which will allow it to move from exploration to production.

New Talisman Gold Mines CEO Matthew Hill said: "Authority to enter and operate (AEO) is another major step on the road from explorer to producer.

"This is the first AEO to be granted on the mining permit since it has been held by New Talisman.

"It is a testament to the hard work of the Talisman team and our focus on stablishing the Talisman mine as a significant producer in the NZ gold industry.

"We are now focused on completion of the health and safety management plan and advancing discussions with Toll treatment facilities."

Currently, the company has joint ore resources committee (JORC) resource of 205,000oz of gold at two mines, Talisman and Crown.