This agreement eliminates the last obstacle to the SCDHEC Mine Operating Permit ("Permit") which is now final and effective.
Under this agreement, the total financial assurance for reclamation provided for in the Permit will be increased from $60 million to $65 million over the mine life.
Sierra Club has agreed to bring no suit or claim against the Haile project as currently permitted.
"We are pleased that we were able to find a way to avoid delay and litigation and keep our employees working," said Diane Garrett , President and CEO. "We look forward to continuing to work with the community and focusing on financing the project to develop the Haile Gold Mine. With the recently completed private placement the Company has sufficient cash to afford some flexibility on timing of the overall project financing."
