Nicolsons mine given the greenlight

Pacific Nuigini (PNR) has received approvals for its Nicolsons project's mining proposal and mine closure plan.

This approval from the WA Department of Mines and Petroleum now paves the way for the recommencement of operations and production from the underground gold mine, near Halls Creek in WA.

It follows on from Pacific Niugini, in conjunction with Bulletin Resources, last month securing a financial proposal from the Commonwealth Bank for the mine's restart.

PNR is now carrying out a rights issue to cover funding and enable a drawdown of the proposed CBA debt facilities.

If the issue is successfully carried out site works are slated to start in the February/March 2015 period.

Speaking on these latest approvals PNG managing director Paul Cmrlec said the company "now has a clear path to commencing site works with key project personnel in place".

"We wait the successful completion of our rights issue and the start-up of what we believe rewarding and transitioning step for the company as we enter the ranks of a gold producer."

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