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NEWS: Colombia says Angostura mine’s environmental impact unacceptable

The Financial Post reports that, “Colombia’s mining minister (Carlos Rodado Noriega) spoke out Tuesday against Canadian miner Greystar Resources Ltd., saying its environmental study on the Angostura gold project is not acceptable. …The statement is another blow to the beleaguered Greystar. The Vancouver-based miner wants to develop the giant Angostura project in Colombia, but is facing major local opposition.”

“Greystar has already indicated a willingness to re-evaluate its mine plan, saying in a statement that it would work with Colombian authorities to determine ‘whether modifications are possible.’ …’We expect the company will continue its efforts to advance the project through the (environmental) approval and permitting phase, although the potential time frame has become clouded,’ BMO Capital Markets analyst John Hayes wrote in a note to clients.”

“Greystar shares have dropped about 30% so far this month as investors worry that government approval is not imminent.”

Last Sunday the Council of Canadians issued, ACTION ALERT: Oppose Vancouver-based Greystar’s proposed open-pit gold mine in Colombia. That alert noted, “Opposition is growing to Vancouver-based Greystar’s proposed Angostura open-pit gold mine in Santurban, located in northeastern Colombia. The mine is a threat to the 7-million-year-old ‘paramo’ ecosystem, the source of the rivers and streams that supply water to 2.2 million people in Colombia. It has been reported that, ‘To produce just a few nuggets of the shiny metal, tons of rock will be crushed by giant machines, piled in heaps and then leached with a cyanide solution that extracts the gold. But if mishandled, cyanide and other waste can pollute the air, soil and water.’”

To express your opposition to the mine, please go to http://canadians.org/campaignblog/?p=6745.

The Financial Post article is at http://www.financialpost.com/Colombian+minister+criticizes+Greystar+environmental+study/4405383/story.html.