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Treasury Metals Says EIS Submission Targeted For Q4

Treasury Metals (TSE:TML) provided its investors Tuesday with an operational update of its Goliath gold project in northwestern Ontario, saying it continues to work on submitting its environmental impact statement (NYSEARCA:EIS) for the property by the fourth quarter of this year.

The company is also advancing the project in support of a feasibility study for the mine.

Treasury said it has received proposals from "several mining and environmental consulting firms" to prepare both the EIS and feasibility study.

Last year, the company submitted its project description for Goliath to the Canadian Environmental Assessment Agency, and received its guidelines for the environmental impact statement - a major permitting milestone - in February.

The company has so far completed a gap analysis of the environmental baseline data collection programs on the Goliath project, which highlights any additional data it may need for the EIS submission.

Hydrogeology studies have also been completed, while geochemnical testing work of various rock types and geotechnical studies are ongoing, Treasury said.

The company also said Tuesday that it has started the process with the Ontario Ministry of Northern Development and Mines to bring to mine lease any exploration claims critical to the project.

Earlier this month, Treasury closed the final tranche of a non-brokered private placement financing, raising a total of $1.78 million in the offering for the advancement of its Goliath gold project.

The funds will be used specifically for the completion of an environmental impact statement at the project, as well as for general working capital needs.

Treasury is advancing its 1.7 million gold equivalent-ounce Goliath project that boasts near-term production potential, with the company forecasting production start-up in late 2015, with average annual life-of-mine output of around 80,000 gold equivalent ounces at cash costs of $698 an ounce.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.