Perth-based Cortona Resources has received approval from the NSW Planning Commission for the development of its Dargues Reef gold mine, 60 kilometres east of Canberra.
Cortona said construction would commence early next year, with first production targeted by December.
The company has forecast an initial production of 50,000 ounce per annum at Dargues Reef, generating approximately $160 million in revenue at a $US1,700/oz gold price.
Managing director Peter van der Borgh said the planning approval was a major milestone for the company and the project.
We are absolutely delighted to have received the green light to build a new state-of-the-art gold mine at Dargues Reef, which will be a model of environmental excellence,” he said.
“It’s great to be involved in the development of a new resource project that will make a positive contribution to Australia and a number of local NSW communities at a time of economic hardship across many other sectors of the economy.
“There couldn’t be a better time to be building a new gold mine with the gold price recently touching record highs of over A$1,800 per ounce, and we are very much looking forward to getting on with the job of building Australia’s newest gold mine,” Mr van der Borgh said.
Mr van der Borgh said drilling at Dargues Reef was set to resume within two weeks.
At 9:35AM (WST) Cortona’s stock was up 16.1 per cent, to 18 cents.
