What type of bonding has Powertech secured to ensure that site restoration is completed at the end of the project?
Powertech intends to be an excellent corporate citizen in all aspects of mining operations. The company has already submitted the required bonds for installing and rehabilitating monitoring and exploration wells. As of August 2007, for the two Notices of Intent (NOI) approved by the Department of Natural Resources’ Division of Reclamation, Mining and Safety (DRMS) for drilling monitor wells and core holes, Powertech has provided reclamation performance bonds in excess of $350,000 for its preliminary testing operations. For ISR operations, Powertech will also secure surety bonds as required by the government so that any costs of restoration and plugging of wells and removal of surface facilities are guaranteed, should a state or federal agency be required to contract with a third party to complete the restoration work covered by the bond. This money is held in an Escrow account, which is managed and controlled by either the State or Federal Government, until the restoration work is comp
Powertech intends to be an excellent corporate citizen in all aspects of mining operations. The company has already submitted the required bonds for installing and rehabilitating monitoring and exploration wells. For the two Notices of Intent (NOI) approved by the Department of Natural Resources’ Division of Reclamation, Mining and Safety (DRMS) for drilling monitor wells and core holes, Powertech has provided reclamation performance bonds in excess of $350,000 for its preliminary testing operations. For ISR operations, Powertech will also secure surety bonds as required by the government so that any costs of restoration and plugging of wells and removal of surface facilities are guaranteed, should a state or federal agency be required to contract with a third party to complete the restoration work covered by the bond. This money is held in an Escrow account, which is managed and controlled by either the State or Federal Government, until the restoration work is completed and approved.
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