This decree formalises the Mauritanian Ministry of Oil, Energy and Mines consent to the grant, as previously announced by Algold Resources on 12 June, 2017.
“This milestone is a significant achievement for both Mauritania and Algold Resources. It is an important step in our growth plan for Tijirit, as well as for the development of other deposits within the licensed area, which extends over some 300 km2,” says Algold Resources CEO, François Auclair.
“We are very grateful for the Government of Mauritania’s ongoing strong support of Algold Resources as demonstrated by the formal grant of the 30-year mining license. This is an important endorsement by the Government of Mauritania for Algold.”
“In less than 18 months, Algold Resources has successfully acquired a highly prospective property, completed several rounds of financing to raise over $20 million, including $3.7 million from Mauritanian partners, built a growing exploration camp, carried out 45 000 m of drilling in three phases, filed a NI 43-101 compliant resource report and received the formal grant of a 30-year mining lease from the Government of Mauritania,” says Algold Resources chairman Benoit La Salle.
“We have made made significant progress in a short period of time and we plan to continue to build on this success with a focus on execution and results,” adds La Salle.
“Mauritania is a country with many mining investment opportunities and economic, social and political conditions that are conducive to the pursuit of development of a sector considered strategic by the Mauritanian government,” states Mauritanian Minister of Oil, Energy and Mines of Mauritania, Dr Mohamed Abdel Vetah.
“The government has instituted a mining policy aimed at a mutually beneficial balance, while safeguarding the interests of the nation and investors,” he concludes.
Feature image credit: Algold Resources