Heritage Gold has secured a permit to rework the old Talisman Gold mine north of Waihi.

The mine at the Karangahake Gorge area previously produced more than a million ounces of gold, and 300,000 ounces of silver.

The 25-year permit was granted by Minister of Energy and Resources, Gerry Brownlee, and will allow for joint venture negotiations, resource enhancement, mine planning, development, and processing. The company says the permit is the first in 18-years for gold mining in the North Island outside of Waihi, and they are already in discussions with potential Chinese investors.

Heritage executive director Peter Atkinson says this is a landmark day for the company and its faithful shareholders. He says the timeline also makes it easier to obtain necessary resource consents and access arrangements through the Department of Conservation.

He also says although it is a milestone for Heritage, it is also a very important day for the industry and New Zealand.

Heritage's share price rose upon news of the new venture.