Emerald Resources NL has announced that the Industrial Mining Licence covering 11.5 km2 for the Okvau Gold Project has been granted by the Cambodian Ministry of Mines & Energy. Managing Director, Morgan Hart commented: “We are excited by the grant of the Mining Licence as it is a significant achievement on the path forward to the development of Okvau Gold Project later this year and transition into a +100,000 ounce per annum gold producer. Importantly, the Okvau Gold Project development has received strong endorsement from the Cambodian Prime Minister following the Royal Government’s diligent approach to the environmental permitting allowing for the grant of the Mining Licence for the Okvau Gold Project.”

The grant of the Mining Licence follows approval of the Okvau Gold Project by the Office of Council Ministers for both the rezoning of the project area to sustainable use and the granting of the Mining Licence. The Mining Licence has an initial 15-year period with the right to two renewals of up to 10-years for each renewal in accordance with Cambodian laws.

The company has also announce that it has secured ongoing working capital funding of up to A$3 million whilst it finalises development financing for the Okvau Gold Project. The company had been working with a potential debt financer who had investment committee approval to proceed with the Okvau Project financing but Emerald is now pursuing alternative financing structures and providers on more favourable terms and flexibility. The facility allows Emerald time to secure the optimum funding terms and ensure the equity component is appropriately priced to reflect project economics.