November 24, 2011 / 3:44 PM / 6 years ago

Dundee gets environmental nod for Bulgarian gold

(Reuters) - Canada’s Dundee Precious Metals Inc (DPM.TO) said it received environmental approval from the Bulgarian government for its Krumovgrad gold project, sending its shares up as much as 8 percent.

A new feasibility study for the gold project is being finalized and is expected by November end, the company said in a statement.

“We expect the study to indicate an operation capable of producing about 100,000 ounces of gold in concentrate per year over an eight year mine life with on-site operating costs of less than $400 per ounce,” Dundee Capital Markets analysts led by Paul Burchell in a client note.

The Krumovgrad Gold project was awarded to the company’s unit, Balkan Mineral & Mining, in June 2000.

Earlier this year, the Bulgarian government granted a 30- year concession to the project.

Shares of the company were trading up 63 Canadian cents at C$9.11 on Thursday morning on the Toronto Stock Exchange. It touched a high of C$9.13 earlier in the session.

Reporting by Arnav Das Sharma in Bangalore; Editing by Viraj Nair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below