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Goldgroup Provides Update on Caballo Blanco
Goldgroup Mining has completed the next stage of its permitting process at the Caballo Blanco project by submitting responses to the list of comments from the Secretaría de Medio Ambiente y Recurso Naturales (SEMARNAT), also known as the Ministry of Environmental and Natural Resources, received on March 13, 2012, regarding its previously submitted Environmental Impact Statement (EIS).
Goldgroup’s responses were filed within the 60 working day timeframe provided by SEMARNAT. The responses are standard procedure in the environmental permitting process and are meant to clarify certain aspects of Goldgroup’s permit application, as well as facilitate SEMARNAT’s review of the EIS. The environmental permitting process is governed by Mexican federal law and regulations.
Goldgroup requires two independent environmental permits to commence construction at the Caballo Blanco project. The two permits are the EIS and the Estudio Técnico Justificativo para Cambio de Uso de Suelo (ETJ), also known as the Change of Soil Use Permit.
The timing of the EIS and ETJ permit approvals is currently anticipated to be in the third quarter of 2012, however, extensions by SEMARNAT may occur. Based on recent results from the Preliminary Economic Assessment on the Caballo Blanco project, management estimates the project will require approximately nine months of construction time from the date of the anticipated approvals of the EIS, ETJ and other related permits.