Volt Resources Ltd. was granted two mining licenses covering the first two stages of development of the Bunyu graphite project in Tanzania.

The licenses were granted subject to acceptance of the amended boundaries, a notice by the company to accept the proposed license and a payment of US$1,000 in preparation fees for each license.

The company said Oct. 18 that its focus remains on the successful completion of a proposed US$40 million note issue for development at Bunyu.

Once Volt receives the licenses and completes the note issue, its Volt Graphite Tanzania Ltd. unit will proceed with front-end engineering and design work for initial operations. Simultaneously, Volt Graphite plans a definitive feasibility study on large-scale expansion at Bunyu.

In September, the unit received the Environmental Impact Assessment Certificate for Bunyu from the National Environment Management Council of Tanzania.