Gold News

Gold Mining Project's Future In Doubt

THE FUTURE OF a new Canadian Gold Mining project has been thrown into doubt by environmental concerns.

The future of the copper and Gold Mining project, which would exploit an estimated 13.3 million ounces of gold and 5.3 billion pounds of copper in British Columbia was thrown into question when a Canadian federal panel found that the mining project would have a serious impact on wildlife.

The panel said "the proposed project in British Columbia would result in significant adverse environmental effects on Wildlife habitat and certain aboriginal rights."

The Gold Mining project would mean that nearby Fish Lake, a location sacred to one aboriginal tribe, would be destroyed. The panel was also worried by the human activities' potential detrimental effects on grizzly bear populations in the area.

Prospective operators Taseko replied by commenting that the economic benefit far outweigh any social or environmental risk.

According to Taseko, the Gold Mining project would result in 2,000 direct and indirect jobs, more than $5 billion in combined revenues for the federal and provincial governments and $7 billion in spinoff consumer spending.

This news comes after the Cerro San Pedro mine in Mexico was forced to cease production when a Mexican court denied its appeal of a federal ruling revoking the mine's environmental permit.

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Christopher Whitehouse is working as a research assistant at BullionVault, the No.1 gold and silver ownership service for private investors.

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