Favorable response from regulators is almost always perceived in a positive light by investors, and hence, it may be a good time to keep an eye on the TriStar Gold Inc. (OTCQB: TSGZF) stock. After the company came up with a key update on Thursday, it could be a good idea to take a closer look.
The Announcement
The company announced yesterday that it had received a positive response with regards to its Castelo de Sonhos gold project located in Brazil from a federal public prosecutor. In the news release, TriStar Gold noted that its LP permit with regards to the project remained valid.
Further Information
The permit, locally known as the Licença Prévia or Preliminary License, was described as the most crucial milestone in terms of licensing. The permit was awarded to the company in August this year and remained in good standing without any restrictions that could cause any kind of delay to the project. Additionally, the company announced that it had also provided a submission pertaining to the defense of the permit award process. In the news release, the company also expressed that there was encouragement following the positive response from the regulatory bodies in question.
Key Quote
“We are very encouraged to see the strong show of support by SEMAS in defense of the robust permitting process completed over the course of 2 years at Castelo de Sonhos and remain confident that this process fully and accurately accounts for potential impacts of developing Castelo de Sonhos,” says Nick Appleyard, TriStar’s President and CEO. “We are evaluating our options to finance the project so that we can perform the required drilling and feasibility studies that will allow us to move forward towards a construction decision.”
