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Additional Information
Market: TSX
Sector: Gold Mining
EPIC: CPN
Latest Price: 0.26  (2.94% Ascending)
52-week High: 0.73
52-week Low: 0.25
Market Cap: 144.31M
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Carpathian Gold
www.carpathiangold.com

Carpathian Gold is an exploration and development Company whose primary business interest is developing near-term gold production on its 100% owned  Riacho dos Machados Au project in Brazil along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.

Full Carpathian Gold profile here
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Carpathian receives reinstatement of license for RDM mine in Brazil

28th Nov 2011, 10:13 am by Olivia D'Orazio
Carpathian receives reinstatement of license for RDM mine in Brazil

Carpathian Gold (TSE:CPN) said Monday it received a reinstatement of its license from COPAM, a Brazilian environmental authority, to resume building its Riacho dos Machados (RDM) gold project, located in Minas Gerais, Brazil.

In mid-October, Carpathian said it had received a decision from COPAM that it had attached a condition to its previously granted license, preventing the start of construction for the RDM project until the license is ratified.

Carpathian said it opted to halt any installation work that had been started on the mine, though the original license was valid and legally allowed the company to commence work at RDM.

Last week, the license was unanimously ratified by the COPAM, allowing Carpathian to resume the construction and development of the project.

Carpathian Gold president and CEO Dino Titaro said: "We are very pleased that we were able to satisfy the COPAM and the various state government agencies on matters relating to the project and have received the go-ahead to re-commence the development of the project.

"While the suspension on our previous permission to proceed with construction of the project was fairly short, it will delay the original plan by the corporation on its time line to declaring production, which is now envisioned to be by mid-2013.

"With the governmental go-ahead to construct the project and with the previously announced senior bank facility available to the corporation along with its current cash position the project is well funded and ready to be developed to commercial gold production."

The mine is targeted to produce about 100,000 ounces of gold per year. First production is expected for mid-2013.

In Toronto, Carpathian shares hiked 13.95 percent to $0.49, as of 9:37 am EDT. The Toronto-based company's stock has gained 10.11 percent in the last six months.

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