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Ramelius gives nod for Vivien

Ramelius gives nod for Vivien

UPDATE 2.35pm: Ramelius Resources has sanctioned the development of its Vivien gold mine near Leinster.

Ramelius began preliminary surface works for Vivien in March and is expected to begin the underground decline in June and begin mining in November.

The company has secured a $10 million finance facility from the Commonwealth Bank to complete the project.

“The approval to commence mining at the high-grade Vivien Gold Mine rounds-out the implementation phase of the company’s new projects in the north-eastern goldfields of WA,” Ramelius said in a statement.

“These projects will provide high-grade feed to the low-cost Mt Magnet treatment plant.”

Ramelius intends to mine Vivien as a three-year underground project with a total mining inventory of 451,000 tonnes at 7.6 grams per tonne gold for 109,000 ounces.

Earlier this month, the company pushed the button on its Kathleen Valley gold project, also near Leinster.

Kathleen Valley has ore reserves of 56,000 ounces for an initial 18-month minelife.

Shares in Ramelius were up half a cent at 13.5 cents at the close.