Sept 16 Canada's Carpathian Gold Inc
said it received government approval to start construction of
its Riacho dos Machados Gold Project, in Minas Gerais State,
Carpathian, which is focused on gold-copper exploration in
Romania and Brazil, said it aims to start gold production at the
project by late 2012 or early 2013.
The company expects an initial production rate averaging
above 94,000 ounces per annum for an eight-year period, it said
in a statement.
Carpathian, in which Canada's Barrick Gold Corp
holds a 9 percent stake, said it will use Caterpillar Inc
equipment for mine operation.
Shares of the Toronto, Ontario-based company closed at
C$0.65 on Thursday on the Toronto Stock Exchange.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Sayantani