Wednesday, 27th July 2005 (2964 views)

Meridian Gold has predicted it will find further gold deposits in its Chilean mine, El Penon.

Announcing the company's second quarter results for the year, Meridian's chief executive, Brian Kennedy, said that the rate of gold discovery was increasing.

"We believe that for the fourth year in a row we will replace reserves and resources at a level to match or exceed our ounces of gold produced," he said.

Mr Kennedy added that the new discoveries were expected to support Meridian's goals of expanding its operations.

Overall, Meridian reported good results, with gold production at 76,400 ounces costing $47 per ounce, and net earnings of $9.1 million.

At the Chilean mine of El Penon, ore-grade mineralization was extended a further 350 metres along strike on the Providencia vein, giving a total strike length of 1.1 kilometres.

 

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