08:35 AM EDT, 08/21/2024 (MT Newswires) -- Silvercorp Metals ( SVM ) edged higher in premarket New York trading after the company on Wednesday said it and partner Salazar Resources ( SRLZF ) are moving forward on construction of the El Domo copper and gold project in Ecuador after receiving final permits for the mine earlier this month.

Silvercorp said its Ecuador unit, Curimining, is staffing up, adding Jaymes Dircks, the former General Manager of B2Gold Nunavut (BTO.TO) and construction director for Sabina Gold and Silver's Back River Project in Nunavut, who specializes in mine construction.

The companies are also focusing on a number of projects prior to construction. It is advancing metallurgical testing to improve metal recoveries and working on power supply for the mine. It is also completing engineering design for the project and identifying equipment vendors.

Production from El Domo is scheduled to begin in 2026.

Silvercorp shares were last seen up US$0.01 to US$3.91 premarket. They closed up $0.14 to $5.30 Tuesday on the Toronto Stock Exchange. Salazar shares last traded Monday, closing at $0.085 on the TSX Venture Exchange.