In a statement, the minister stated he was “satisfied that any adverse effects or significant environmental effects of the undertaking can be adequately mitigated” through the terms and conditions outlined in the EA approval, as well as “through compliance to the other licenses, certificates, permits and approvals that will be required for operation.”
“Signal Gold is extremely pleased to have received the environmental approval for its Goldboro gold project, an important milestone that reflects the culmination of five years of environmental baseline monitoring and analysis. This approval marks an important milestone towards the development of Goldboro, which will have a significant socio-economic impact on the region and the province,” Kevin Bullock, Signal Gold CEO said in a media release.
“We recognize that a mining project is a temporary use of land, and we are committed to sustainably developing a project that mitigates environmental impact at every phase, including construction, operations, reclamation and closure,” he added.
The company is currently reviewing the terms and conditions and is also reviewing all comments provided by rightsholders and community stakeholders through the EA process. Future updates will be provided as it progresses Goldboro towards development, it said.
According to a feasibility study released in December 2021, the Goldboro Phase 1 open pit is expected to produce 100,000 oz. of gold per year at an average grade of 2.26 g/t over an 11-year mine life. Its after-tax net present value (5% discount) is estimated at C$328 million, with an internal rate of return of 25.5%. The projected after-tax payback is 2.9 years.