Reno, Nevada-based Golden Phoenix Minerals (GPXM-O) says it is talking to several companies about raising nearly US$1.4 million to top up a reclamation bond for its Mineral Ridge mine in southwestern Nevada.
The company has filed a US$1.8-million interim reclamation bond for the mine, as required by the U.S. Bureau of Land Management (BLM) and the Nevada Department of Environmental Protection (NDEP). The company still needs to bring the bond up to US$3.16 million so that it can resume cyanide leaching and begin mining.
Golden Phoenix’s president Michael Fitzsimonds says, “Obtaining this bond has been a very difficult process, but now we can focus on bringing our Mineral Ridge mine back into full gold production. We will initiate our operational plan as soon as the full bond is posted.”
In March, a revised reclamation plan for Mineral Ridge was approved by the BLM and NDEP. The company also received permits for water pollution control, storm water and air quality.
Mineral Ridge hosts a mineable reserve of 2.7 million tons averaging 0.079 oz. gold per ton, equivalent to 209,200 oz. Total indicated and measured resource stands at 8.3 million tons averaging 0.061 oz. gold for 506,000 oz. in all.
The company plans to crank the operation back up and further leach an estimated 46,789 oz. of gold already on the leach pad.
At a planned rate of 1,800 tons per day, the mine would produce 40,000 oz. per year.
Golden Phoenix acquired the twice-failed project in November 2000 for US$225,000.
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