Tuesday, 8th June 2004 (2793 views)

Galahad Gold has revealed it has over $15 billion (£8.1 billion) worth of precious metal in Greenland.

The Skaergaard deposit where the precious metal finding is sited, was bought by the firm for just £7 million last year, according to the Evening Standard.

Chief executive Alastair King said: "There is $15bn of contained value. It will take 30 years to mine it all, and we still need environmental permits and project finance, but it is $15bn."

Reportedly is it thought that around 10.9 million ounces of gold are underground at the site and shares in the firm have now risen by 3/4p to 15p.

According to Mr King no one wanted to the buy at the time of the acquisition and so it was a forced sale.

Drilling is set to begin in about 2009 and it is not thought any funds will be generated until then.

 

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