CHINA HANKING (03788) announced that the Western Australian government's Department of Water and Environmental Regulation, after thorough consultation with relevant authorities and local communities, has granted approval for the underground drainage and discharge works at the Golden Pig Gold Mine into the tributary of Lake Koorkoordine under Section 102(1)(c) of the Environmental Protection Act 1986. The mine's groundwater will be discharged into nearby lakes in compliance with the approval requirements. This approval enables low-cost drainage of underground mine water prior to commencing underground mining operations at Golden Pig.
The Cygnet Gold Project, located approximately 360 kilometers east of Perth, Western Australia, includes the high-grade Golden Pig and Copperhead underground gold mines, as well as the Corinthia open-pit gold mine. The total JORC-compliant resource stands at 2.06 million ounces, with an average gold grade of 2.55 grams per tonne. The project is wholly owned by Hanking Gold Limited, a subsidiary controlled by the company.
CHINA HANKING plans to produce over 90,000 ounces of gold annually through two high-grade underground mines and one open-pit mine, processed at the Corinthia plant. Currently, authorities are evaluating mining plans for the two underground mines, while the open-pit mine's plan, along with the processing plant and tailings storage facility, will soon be submitted for approval.
Regarding the approval, Dr. Qiu Yumin, Executive Director and Vice President of CHINA HANKING, as well as Managing Director and CEO of Hanking Gold, stated: "Securing this critical approval reflects the collaborative efforts of our team, government agencies, and local stakeholders. It enables cost-effective groundwater management and, more importantly, provides an opportunity to accelerate the development of this high-grade underground gold mine, creating value for all stakeholders."
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