US Gold plans Q3 prefeasibility update for CK as permitting advances

U.S. Gold (Nasdaq: USAU) has hit the next permitting milestone to develop its CK project in Wyoming, which is expected to produce 108,500 oz. of gold equivalent annually over an estimated 10-year life.The company was granted its water discharge permit this week from the Wyoming Department of Environmental Quality, which represents one of the three conditions associated with the mining permit obtained in early May. “The CK gold project continues to advance with the major permitting almost complete. Over the past year, the project has received its industrial siting, mine operating and water discharge permits, demonstrating a pathway to near-term operations,” executive chairman Luke Norman stated in a news release.According to chief executive George Bee, work to complete the remaining conditions, the acceptance of the already submitted reclamation bond and the air quality permit are anticipated shortly, and the company remains on track to receive unconditional approval for its mine operating plan around mid-year.With the permitting milestones achieved to date, U.S. Gold has now restarted the process to update the project’s prefeasibility study — targeted for the third quarter of 2024 — and complete the feasibility study afterwards.The initial PFS gave the project an after-tax net present value (discounted at 5%) of $266 million and an internal rate of return of 33.7%. Initial capital is estimated at $221 million, for a payback period of two years.Shares of U.S. Gold rose 3.3% at 11:30 a.m. ET Friday for a market capitalization of $58.7 million.Weiter zum vollständigen Artikel bei Mining.com Zum vollständigen Artikel