White Mountain Mining Licence granted

Sino Gold Mining Limited has been issued the Mining Licence for the White...

  Sino Gold Mining Limited has been issued the Mining Licence for the White Mountain Gold Mine from the Ministry for Land and Resources of the Peoples Republic of China.This is a major milestone for Sino Gold as the Mining Licence provides the company with unambiguous and bankable legal tenure over the asset.Commenting on the granting of the Mining Licence, Sino Gold CEO Jake Klein said: “Granting of the Mining Licence re-enforces our belief that China offers an excellent opportunity to invest in quality gold assets in an increasingly predictable investment framework.”The Mining Licence was issued following the receipt of various approvals over the past year, including Resource Verification, the Environmental Impact Assessment, the Project Approval and the Gold Operating Permit.The project is scheduled to commence commercial gold production in early 2009. “The timeframes for mine permitting and development in China compare very favourably with other jurisdictions. “This is exemplified by White Mountain taking only four years from drilling of the discovery hole in late 2004 to the anticipated first gold pour in late 2008,” Mr Klein said.“Development of the White Mountain Gold Project in Jilin Province remains on-budget and is progressing well towards commissioning the processing plant in the second-half of 2008,” he said.