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Friday, 6th August 2004 (3842 views)

China gold miner Sino Gold has announced a new $70 million project has been approved in the Guizhou Province.<BR/><BR/>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.<BR/><BR/>It is hoped construction will begin in early 2005 following mandatory and government approvals.<BR/><BR/>In addition material increase in reserves has helped boost the project's economics, with predicted gold recoveries of 85 per cent.<BR/><BR/>CEO Jake Klein told Mineweb: "There is enormous upside given the exploration successes we continue to have". <BR/><BR/>Gold giant Gold Field has an eight per cent stake in the Australia based firm.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3178014"/>

 

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