Tuesday, 9th August 2005 (2386 views)

The Australian Gold Corporation has decided to reopen a Cape York gold mine.

The Alice River mine is situated in north Queensland, an area that contains many alluvial gold deposits, particularly in the extensive Palmer River and Georgetown areas.

The decision to reopen the mine comes due to advances in carbon pulp extraction which will enable a higher gold yield, according to ABC News.

Len Miles, managing director of the Australian Gold Corporation, said he expected the mine to have a medium sized output.

"With what we have I believe we have the capability of processing 200,000 odd tonne a year which is not big by any token, we are not one of the giants out there, but we will have a very workable medium-sized mine," he commented.

Over $10 million is expected to be invested in the area.

Throughout the late 1980s in particular, gold companies such as AUR, City Resources, Cambrian Resources and Regent Resources mined extensively in the Palmer River area.


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