Monday, 15th November 2004 (2388 views)

Underground mining was due to begin today at the Waihi site to help discover new gold reserves.

A ceremony will be held to mark the opening of the first stage of Newmont Gold's Favona decline, which will wind its way three kilometres underground.

The mine owner has spent $18 million so far on exploration and feasability studies for the project and around three million tonnes of ore will be extracted.

This first phase will focus on exploration and increasing proven reserves of 354,000 ounces of gold.

Following the ceremony, main work is set to begin on December 6.

The contract for this first 800m of decline was awarded to Australian firm Henry Walker Eltin.

 

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