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Kerr Mines stock rises on major project milestone for Copperstone mine in Arizona

Shares in Toronto advanced 6.7% to C$0.16, while the stock rose nearly 3% to US$0.12 in New York.

Kerr Mines -
This final approval marks the conclusion of a permit modification effort that began in 2018

Kerr Mines Inc (TSE:KER) (OTCMKTS:KERMF) said Thursday that its plans for restarting the past producing Copperstone gold mine in Arizona were boosted with the receipt of an approval for the firm's mining plan of operation (MPO).

On January 22, the US Bureau of Land Management (BLM) issued a decision of record based on a finding of no significant impact, the company said in a statement.

READ: Kerr Mines shares pop on new drill results from Arizona gold project

Shares of the company in Toronto advanced 6.7% to C$0.16 each. In New York, the stock rose nearly 3% to US$0.12.

This final approval marks the conclusion of a permit modification effort that began in 2018, Kerr noted.

It has the following implications for the Copperstone project:

  • An increase of gold ore production from the current allowable limit of 450 tons per day to 600 tons per day
  • Use of cyanide for recovery of gold from ore using captive steel tanks located in the gold ore processing facility
  • Storage of stabilized tailings produced from the ore processing facility
  • Construction and use of a water evaporation and infiltration basin to be used to manage surplus water generated from underground operations
  • Improved operating conditions which will further improve project economics

In September, the firm announced it had received a water permit effective for the life of the mine, shorter than an air permit which is valid for five years.

"We are extremely pleased that we are now fully permitted with modifications to our existing permits that will allow for further enhanced project economics," said Kerr Mines CEO Giulio T Bonifacio.

"Final receipt of the decision of record is a major project milestone which will now allow for the re-start of the Copperstone mine in the near term. Furthermore, we would like to thank the State of Arizona and the BLM for working closely and diligently with Kerr and all stakeholders to achieve this significant permitting milestone," he added.

Contact the author at [email protected]

Quick facts: Kerr Mines

Price: 0.14 CAD

TSX:KER
Market: TSX
Market Cap: $40.24 m
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