Wednesday, 1st December 2004 (2477 views)

Australian mining firm Bendigo Mining has announced it has increased the resources at its central Victorian project by 11 million ounces.

Following a "lengthy evaluation" the amount of metal in the New Bendigo project was difficult to estimate.

In addition, due to the nuggety nature of the gold, traditional drilling was ineffective and bulk sampling was needed.

According to the Age, Bendigo is now confident its estimate is "fair and reasonable" and it now has a solid foundation to work from for further development.

Production is set to begin in 2005 at the site, beginning at a rate of 85,000 ounces of the precious metal per year and then building to 600,000 ounces a year over the next seven years.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.