Solgold receives environmental licence for Ecuadorian project

27th Aug 2013 10:41

Explorer Solgold has been awarded an environmental licence by the Ecuadorian Ministry of Environment, enabling it to begin drilling at the Cacabel copper gold project in the north of the country. The licence, which was signed by the Minister of Environment on August 23rd, was a key requirement to transition the Cascabel tenement from "Early Stage" exploration to "Advanced Stage" exploration, with the Cascabel tenement having been renewed for a term of four years.The drill rig was mobilised the next day, with drilling expected to begin seven to 10 days later in early September. The licence allowed for up to 100 drill holes to be carried out. Solgold owns a 30% interest in the holding company of Cascabel, but is able to earn up to an 85% interest. Chief Executive Offier Alan Martin said: "This is truly an exciting time for SolGold and its shareholders. The signing of the environmental licence [...] means that all of the regulatory conditions have now been satisfied. "With the potential at the Alpala Prospect to deliver a world-class copper-gold porphyry deposit, it is an exciting time for SolGold shareholders."NR