White Dam Gold Project, SA (ASX:EXS)
Adelaide, April 7, 2009 AEST (ABN Newswire) - Exco Resources Limited (ASX:EXS)(PINK:EXRSF) is pleased to announce that a Mining and Rehabilitation Programme Approval ('MARP') in respect of the White Dam project has been received from the department of Primary Industry and Resources, South Australia ('PIRSA').
The receipt of the approval means that Exco and its joint venture partner, Polymetals Group Pty Ltd (Polymetals), may now progress to obtain an EPA works approval and licence.
Exco and Polymetals are currently finalising the joint venture arrangements, and discussions in relation to the financing of the project are currently being held with a number of interested parties.
The White Dam Gold Project is located in South Australia, approximately 80kms west of Broken Hill and is an advanced development project. The project is subject to a planned joint venture arrangement under which Polymetals will acquire a 25% interest and manage the implementation and operation of the project.
In the currently favourable gold price environment White Dam represents a valuable opportunity for the company. With the receipt of the MARP and the support of its joint venture partner Polymetals, the project remains on course to commence construction in mid 2009 with first gold production scheduled for late 2009/early 2010.
Contact
Michael Anderson
Managing Director
TEL: +61-8-9211-2000
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