(MENAFN- ProactiveInvestors - Australia) Atlantic Gold (ASX: ATV) has secured four of the five remaining non-Crown surface titles over its Touquoy Gold Project in Nova Scotia and is now waiting on the results of an appeal over the last title.
The former landowner has appealed the vesting order issued by the Nova Scotia Minister of Natural Resources and this has been scheduled to be heard on 23 to 25 April 2013.
In addition, the Nova Scotia Federation of Agriculture and the Mining Association of Nova Scotia were granted intervener status in the appeal, though the former landowners application for the appeal to be heard as a trial was quashed.
Atlantic Gold said it was confident the appeal would be dismissed.
Touquoy has total Open Pit Reserves of 9.59 million tonnes at 1.48 grams per tonne gold for a contained resource of 454,000 ounces of gold.
These are defined within an open pit with a 2.5:1 strip ratio and having a minimum 5-year mine life at a planned throughput rate of 2 million tonnes per annum through a conventional onsite gravity/CIL plant.
Subject to possession of all remaining surface titles in the March quarter of 2013 and provision of project financing, first gold is expected in early 2015.
The Touquoy Gold Project is the first stage of a conceptual 10-year production plan for the combined Touquoy-Cochrane Hill Gold Project of 900,000 ounces recovered from both open pits.
This combined production plan currently envisages the re-location of the Touquoy processing plant 80 kilometres to the east to Cochrane Hill upon completion of the Touquoy operation.
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