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Tuesday, 9th August 2005 (3840 views)

The Australian Gold Corporation has decided to reopen a Cape York gold mine. <br/><br/>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.<br/><br/>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.<br/><br/>Len Miles, managing director of the Australian Gold Corporation, said he expected the mine to have a medium sized output.<br/><br/>"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.<br/><br/>Over $10 million is expected to be invested in the area.<br/><br/>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.<br/><br/><br/><img alt="track" src='http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15019196'/>© Adfero Ltd

 

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