Americas Bullion Royalty Corp. officials announced that Midway Gold Corp. has received a key permit for production at its Pan gold project in Nevada. The water pollution control permit from Nevada authorities follows a Draft Environmental Impact Statement (DEIS) publication. The Pan project, officials said, will begin in late 2013 with production targeted for mid-2014.
Americas Bullion owns a sliding scale royalty under which 4% gross production royalties are payable when gold is valued over $450 oz; there are no surface waters in the area and the proposed pit does not reach groundwater tables.
The U.S. Bureau of Land Management, in addition, has completed the DEIS that is available for public review; the project is an oxidized, Carlin-style gold deposit mineable by shallow, open-pit methods and treatable by heap leaching.
The Pan project represents a $100 million capital investment in a part of Nevada seeking new economic investment; the project has proven reserves of 487,000 gold oz at and probable reserves of 377,000 gold oz.
Midway Gold is a precious metals company dedicated to exploring, designing, building and operating gold mines; Americas Bullion Royalty is a precious metals royalty and streaming company focused on project diversity in stable, mining jurisdictions, with a 34 property portfolio.