TORONTO, Jan. 2, 2018 /CNW/ - Roxgold Inc. ("Roxgold" or "the Company") (TSX: ROXG) (OTC: ROGFF) is pleased to announce that it has received permitting approval to develop the Bagassi South Project from the Burkina Faso Ministry of Environment and Sustainable Development. The approval marks a significant milestone in the permitting process and solidifies the development timeline of the Bagassi South Project.
"We are extremely pleased to announce the permitting approval for the Bagassi South Project. The approval of the Environmental and Social Impact Assessment ("ESIA") for Bagassi South allows us to confirm our development decision and begin mine development and construction for our first growth project on the Yaramoko concession," stated John Dorward, President and CEO. "We would like to thank the government of Burkina Faso and our stakeholders in the communities for their continued support and look forward to continuing our positive working relationship."
Roxgold is continuing to advance the development of the Bagassi South Project with underground mine development and construction activities commencing in the first quarter of 2018. With the approval of the ESIA, the Company has filed an application for an extension of its Exploitation (Mining) Permit to include the Bagassi South deposits, which marks the final step in the permitting process. A decision regarding the extension from the Burkina Faso government is expected in the second quarter of 2018.
Roxgold is a gold mining company with its key asset, the high grade Yaramoko Gold Mine, located in the Houndé greenstone region of Burkina Faso, West Africa. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTC.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates, future production and life of mine estimates, future capital and operating costs and expansion and development plans. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, any potential upgrades of existing resource estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company's properties in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE Roxgold Inc.
For further information: Kelley Stamm, Manager, Investor Relations & Corporate Communications, 416-203-6401, [email protected]