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Monday, 15th November 2004 (3808 views)

Underground mining was due to begin today at the Waihi site to help discover new gold reserves.<BR/><BR/>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.<BR/><BR/>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.<BR/><BR/>This first phase will focus on exploration and increasing proven reserves of 354,000 ounces of gold.<BR/><BR/>Following the ceremony, main work is set to begin on December 6.<BR/><BR/>The contract for this first 800m of decline was awarded to Australian firm Henry Walker Eltin.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7070672"/>

 

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