The Mineral Agreement provides the Company and its 100%-owned Guyanese subsidiary with stable fiscal and operating conditions during the life of the Oko West gold project
Reunion Gold announces signing of mineral agreement with government of Guyana for Oko West project. (Credit: istara from Pixabay)
Reunion Gold Corporation (TSXV: RGD; OTCQX: RGDFF) (the “Company”) is pleased to announce that it has signed a Mineral Agreement with the Cooperative Republic of Guyana and the Guyana Geology and Mines Commission. The Mineral Agreement provides the Company and its 100%-owned Guyanese subsidiary with stable fiscal and operating conditions during the life of the Oko West gold project. The terms in the agreement are consistent with current standard terms established by the country.
Rick Howes, President and CEO of Reunion Gold, stated “I am pleased to have executed our Mineral Agreement with the Government of Guyana. This significant milestone marks an important de-risking step towards the development of the Oko West Project and underscores the robust support extended by the Government of Guyana towards the project’s development.”
As part of the agreement, the Company has committed to prioritizing the employment of qualified and suitable Guyanese individuals and to supplement this by implementing a comprehensive training program to develop the additional skills required to facilitate the employment of Guyanese personnel at all levels of operations. The Company believes that fostering and training local talent will contribute to the sustainable development of the country.
In addition to its commitment to workforce development, the Company has agreed to establish a financial support program for environmental and social projects. The Company will fund US$1,000,000 per year towards initiatives that promote environmental sustainability and address social needs within surrounding communities. This commitment will start upon commencement of commercial production or within 24 months from the issuance of a mining license, whichever would come first.
All of these initiatives highlight the Company’s dedication to sustainable mining development, which minimizes environmental impacts, positively impacts the communities we work in and creates lasting benefits for Guyana.
The Company is moving forward with development studies to advance Oko West towards a construction decision. As part of this work, it expects to complete a preliminary economic assessment by mid-2024, which will provide an estimate of the key economic parameters of the project.
Source: Company Press Release