- Big River Gold’s share price is up 30 per cent today, sitting at $0.013 per share, following news all major permits for the Brazilian Borborema mine are approved
- The company sold one of its projects to Meteoric for $1 million and 50 million shares
- An entitlement issue raised an additional $4.11 million
Miners Big River Gold’s share price is up 30 per cent following a string of promising announcements in its quarterly report.
The company’s fully owned Borborema gold project, located in Brazil, has received all major permits to begin construction of a mine.
A definitive feasibility study is in motion and processing and design plans are under review in an attempt to lower construction and operational costs.
The study is expected to be complete during this year’s fourth quarter.
The granted permit for the mine site covers 490 hectares and allows for production up to 4.2 million tonnes per year.
The gold miners dub this as a “very significant step forward for the project and company, as licensing is one of the most difficult and time-consuming hurdles in establishing a new mine in Brazil”.
The Borborema project is said to have solid existing on-site facilities and infrastructure including buildings, grid power, water, and sealed roads.
During the first quarter, Big River Gold sold its Juruene-Novo Astro Gold project to ASX listed Meteoric Resources.
The transaction saw Big River gain $1 million plus 50 million shares in Meteoric at $0.01 per share. The company notes Meteoric shares traded for $0.023 per share at the end of the quarter, and are today trading for $0.031 each.
Upon completing milestones, Big River is subject to receiving an additional $1.5 million.
Recently, an entitlements issues was carried out by the company bringing in an additional $4.11 million.
Big River’s share price currently sits at $0.013 per share.