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Nordic Gold nets approval for Laiva gold mine restart

Nordic Gold Corp. secured regulatory approval to restart operations at the Laiva gold mine in Finland.

Mining activities at Laiva started in mid-August to establish access and clear working areas. The latest approval by Finnish supervisory authority ELY will allow the mill and plant operations to begin, the company said Oct. 11.

First gold pour is scheduled for Nov. 27, President and CEO Michael Hepworth said.

In February, Nordic Gold, formerly known as Firesteel Resources Inc., acquired full ownership of Laiva.

A preliminary economic assessment at the past-producing property defined a net present value of C$69.0 million at a 5% discount and a 2.1-year payback period.