Marathon Gold Receives Federal Environmental Approval for the Valentine Gold Project

Marathon Gold Receives Federal Environmental Approval for the Valentine Gold Project

Marathon Gold

on Wednesday said the federal government issued a positive decision on the company's Valentine Gold Project environmental assessment, allowing construction of the Newfoundland gold mine to go ahead.

The company said the approval issued by federal Environment and Climate Change Minister Steven Guilbeault includes conditions over monitoring and mitigation of potential effects of the project on water quality, fish and fish habitat, birds and fauna and greenhouse gas emissions, as well as engagement with indigenous groups and stakeholders.

"The completion of environmental assessment for an important new mine like Valentine is a significant milestone, and we now look forward to advancing the project towards construction and mining," chief executive Matt Manson said in a release.

The company said it is now seeking permits for initial construction at the central Newfoundland site, including "for initial construction activities such as tree clearing, quarrying, earthworks, accommodation camp installation, road upgrades and culvert installations". It did not say when it expects work to begin.

Marathon shares closed unchanged at C$1.74 on the Toronto Stock Exchange.