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- Orecorp (ORR) shares are enjoying a 15 per cent spike after the Tanzanian cabinet approved a special mining licence for ORR’s Nyanzaga Gold Project
- The ASX-lister received written notification on June 2 advising it had been granted cabinet approval for the project, which hosts a Mineral Resource Estimate of 23.7 million tonnes at 4.0g/t gold
- Broadly, Orecorp said receiving cabinet approval of the special mining licence was a pivotal milestone towards the development of the Nyanzaga Project
- Looking ahead, Orecorp advised it will be working with the Government of Tanzania to finalise a framework and shareholder agreements required for the licence
- Orecorp shares are up 14.6 per cent to trade at 94 cents
Orecorp (ORR) shares are enjoying a 15 per cent spike after the Tanzanian cabinet approved a special mining licence for ORR’s Nyanzaga Gold Project.
The ASX-lister received written notification from the Mining Commission
on June 2 in accordance with Tanzania’s Mining Act, advising it had been granted cabinet approval.
Orecorp said it was working with the Government of Tanzania to finalise a
Framework Agreement, Shareholders Agreement and other accompanying
documents required in connection with the licence.
Broadly, Orecorp said receiving cabinet approval of the special mining licence was a milestone in the development of the Nyanzaga Project, which is wholly owned by OreCorp through subsidiary companies.
The gold play hosts a JORC 2012 compliant Mineral Resource Estimate of 23.7 million tonnes at 4.0g/t gold.
Orecorp’s announcement said the company looked forward to working closely with the government with the aim of establishing the first new large scale gold mine in Tanzania.
Orecorp shares are up 14.6 per cent to trade at 94 cents at 11:43 am AEST.
