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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (72407)	12/13/2010 10:00:50 PM
From: LoneClone	Read Replies (1) of 193686

UPDATE 1-Goldcorp gets permit to start Argentina gold project reuters.com Mon Dec 13, 2010 6:36pm EST * Gets Environmental Impact Assessment nod for Cerro Negro * Says permit enables co to begin mine construction Dec 13 (Reuters) - Goldcorp Inc (G.TO) said it got approval of the Environmental Impact Assessment by the Santa Cruz province in Argentina for the development of the Cerro Negro gold project. Canada's Goldcorp recently acquired Andean Resources Ltd (AND.AX) (AND.TO) for C$3.6 billion, mainly to gain access to Andean's 100 percent-owned Cerro Negro project in the southern province of Santa Cruz in Argentina. [ID:nSGE6B70C7] The permit enables Goldcorp to begin mine construction immediately after the transfer of ownership by month-end, the gold miner said in a statement. Goldcorp -- the world's second largest gold company by market capitalization -- said it expects Cerro Negro to contribute to cash flow-accretive gold production at a relatively lower cost. Cerro Negro is an advanced-stage gold exploration project, which preliminary studies suggest may have resource of 3.1 million ounces of gold and 25 million ounces of silver as of March 2010, according to Andean's website. Goldcorp shares have shed about 2 percent since the Australian court approved the Andean takeover bid on Dec. 8. They closed at C$46.44 on Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vyas Mohan)

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