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Gold/Mining/Energy : True North Gems Inc
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To: Martin Wormser who wrote (1003)3/23/2010 2:27:26 PM
From: TrueScouse  Read Replies (3) of 1016
 
Isn't the issue that True North has yet to receive a mining permit from the government of Greenland? And meanwhile, it is illegal for them to sell material produced under an exploration license, which is what they currently have.

My understanding from discussions at the recent PDAC in Toronto is that hearings for the Socioeconomic Assessment are due to start in the second quarter of 2010. TGX's goal is to go straight into production as soon as the mining permit is obtained. I've no idea of the time frame for this. There is minimal capital expenditure required. Year 1 production would only be about 5,000T of near surface material.

From the TGX website, they appear to have hired good people over the last 6 months to guide them through this permitting process. So IMHO it's a question of patience -- and maybe using the weak price as an opportunity to increase your position. :^)

Howy
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