[Newfoundland] Valentine mine takes another step – by Barb Sweet (St. John’s Telegram – April 18, 2019)


Central Newfoundland mine proposal registered for environmental assessment

It’s a gold reserve glittering with job potential but the proposed Valentine gold mine in central Newfoundland is several years away. The undertaking was registered this week for environmental assessment under the provincial Environmental Protection Act.

Marathon Gold Corp. is the Toronto-based gold exploration company proposing to develop the gold mine roughly 55 kilometres southwest of Millertown in central Newfoundland. The net present value of the project is about $500 million USD.

“It’s a major gold deposit, certainly the largest in Newfoundland and Atlantic Canada and it really stands out as one of the top projects in North America,” president and CEO Phillip Walford said in a telephone interview from Toronto Wednesday.

A preliminary feasibility study is underway right now. The final feasibility study is another year away. Once that’s done and production money is in hand, the project would move on to detailed engineering and construction planning.

Marathon sold a two-per-cent royalty to Franco-Nevada for $18 million recently, which leaves Valentine cashed up for a while, Walford said. But he said interest in investing in the gold industry has fallen off a bit of late.

For the rest of this article: https://www.thetelegram.com/business/valentine-mine-takes-another-step-303034/