Rainy River Gold Project keeps moving ahead
With an updated and revised positive Preliminary Economic Assessment released late last month, Rainy River Resources is continuing to move forward with it’s Rainy River Gold Project, located in Blackhawk north of Barwick.
“Things are going really, really well,” enthused Kyle Stanfield, the company’s vice-president of environment and sustainability.
Stanfield noted they’ve looked at six different scenarios and have focused in on more material, which is higher grade gold, lower capital cost, better return project, and ultimately a slightly smaller operation throughout the mine life.
“So basically some tweaking, making it more efficient, making it a more cost effective project,” he explained, citing it’s fully consistent with what they are doing in terms of the environmental assessment, which is also ongoing.
“It’s very good news for the project,” he stressed. “There’s a lot of excitement building in the investment world on this project. We’re very excited.”
Stanfield indicated they are still looking at a very large operation, processing an average of 20,000 tonnes per day over the mine life of 16 years.
“And we’re looking at construction jobs of approximately 500 people and ongoing operations jobs of approximately 550,” he said. “Those numbers are going to go up and down over the next few years, but they are going to stay in that range, which is very significant for any project.”
Production is anticipated for early 2016 for the open pit and 2018 for the underground mine.
“We’re on track, we’re on schedule,” he voiced. “We don’t see any risk areas here. We have ongoing meetings with community groups and all the First Nations partners, as well as the Métis.”
Stanfield indicated while people might think things are slowing down, that is not the case.
“It really comes down to the engineering assessment, the costing, the detail work to support getting $700 million from the banks to build the project and also to complete the environmental assessment and permitting, which has already started,” he explained. “But with a project of this scale, it doesn’t happen overnight. It takes a few years.”
The federal government has also started a consultation period of their own related to the project, with the Canadian Environmental Assessment Agency seeking comments from the public on the project and its potential effects on the environment.
Written comments must be submitted by Sept. 24.
“It’s a feedback process and that is in preparation for the environmental assessment report, which will be coming out in the spring next year,” Stanfield indicated.
Rainy River Resources will be holding more open houses for the community sometime in October.
“It will be a continuum of the same information people have seen in terms of the plan for the operation,” he explained, adding they are very excited to be in the community.
“We’re very confident in what we’re doing,” he stressed. “We’re receiving a lot of support from the government agencies. And we’re very fortunate to be in the Fort Frances/Emo area. There’s a tremendous amount of public support and public involvement and a lot of well-trained people who are good at what they do that we can leverage for this project.
“We’re just happy to be here,” he added.
Check out the company’s most recent news at http://www.rainyriverresources.com/Investors/News