Friday, 13th May 2005 (2627 views)

Trans-Siberian Gold is aiming to produce 100,000 ounces of gold this year, from its three developing projects in Russia.

The western Siberian sites of Veduga and Bogunay are currently nearing production, whilst mining in the Kamchatka region of far eastern Russia is still in its prospective stage.

At Veduga there is thought to be 16.65 million tonnes of ore, at an average grade of 5.21 grammes per tonne - which provides a resource of 2.79 million ounces of gold.

Discovery opportunities are thought to exist in the areas surrounding all three existing sites, and Trans-Siberian Gold has already acquired exploration licences for these locations.

The company has set initial production targets at 100,000 ounces, but hopes this will rise to between 250,000 and 300,000 ounces in 2008, Mineweb reports.

It is working in association with AngloGold Ashanti, which owns a 17.5 per cent stake in Trans-Siberian and a 51 per cent interest in its new mining and exploration projects.

Having acquired Asacha,Trans-Siberian has scheduled the site for production late next year, with detailed engineering being undertaken by Russian institutes.

Up to 1,000 kilograms of gold could be produced by December 2007, with current resources estimated at 680,000 ounces and expectations of localised extensions of the orebody at depth.

 

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