Goldsource Mines (GXS.V) has announced Kilroy has received the mining permit for a portion of the Eagle Mountain deposit in Guyana. This permit allows the company to recover gold and other precious metals from a 250 hectare surface area of the 5,050 hectare Eagle Mountain project. Kilroy is a private Guyanese company and will retain a 2% NSR on the property as compensation for allowing Goldsource to use the permit. This sounds like a weird structure, but the mining law in Guyana requires the mining permit to be held by a Guyanese national.
The project is now fully permitted and we expect financing news relatively soon now, as the company is eager to start the construction activities at Eagle Mountain.
> Click here to read the press release
Disclosure: The author holds no position in Goldsource Mines. Please see our disclaimer for current positions.
