As part of this effort, the firm submitted a phase change application (PCA) to the government for the La Zarza concession, which hosts the Fruta del Norte project.
Lundin Gold president and CEO Ron Hochstein said: "The submission of the phase change application for the La Zarza concession is a significant milestone in the development of the Fruta del Norte project.
"The completion of this application on the heels of the release of positive feasibility study results demonstrates the company’s determination to advance FDN and build a high-grade gold mine in Ecuador."
The government will now review and approve the phase change of La Zarza within 60 days from the date of submitting the PCA.
Upon receiving approval for the PCA, Lundin will have up to six months of time to finalize on exploitation agreement for the gold project.
The firm is also due to receive key environmental permits including approval of the environmental impact assessment and related environmental license, for the project prior to commencing development.
Lundin plans to commence basic engineering and early works in the third quarter of 2016 while production is scheduled to start in 2020.
Bloomberg recently cited Hochstein as saying in an interview that the firm is seeking to raise $820m to $940m to fund the development of the Fruta del Norte project.
Located approximately 80km east of the City of Loja, the Fruta del Norte claimed to be one of the largest and highest grade undeveloped gold projects in the world.
