Friday, 6th August 2004 (2369 views)

China gold miner Sino Gold has announced a new $70 million project has been approved in the Guizhou Province.

At present Sino is the only overseas-based gold producer in China and the new venture could see it become part of creating the second largest gold mine in China.

It is hoped construction will begin in early 2005 following mandatory and government approvals.

In addition material increase in reserves has helped boost the project's economics, with predicted gold recoveries of 85 per cent.

CEO Jake Klein told Mineweb: "There is enormous upside given the exploration successes we continue to have".

Gold giant Gold Field has an eight per cent stake in the Australia based firm.

 

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