Phelps Dodge (NYSE) and Canyon Resources (NASDAQ) have completed permit applications for the McDonald gold project near Lincoln, Mont.
Permits could be issued by mid-to-late 1997, once an environmental impact statement is prepared by the state and the U.S. Army Corps of Engineers.
The McDonald mine, which hosts an 8.2-million-oz. deposit, is expected to yield more than 300,000 oz. per year.
Phelps Dodge will operate the project, in which Canyon holds a 27.8% interest. Construction is expected to begin late in the summer of 1997.
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