Thursday, 14th February 2008 (1472 views)

North Queensland Metals (NQM) has completed an A$15 million (£6.88 million) deal for a 60 per cent interest in the Pajingo gold mine, north-east Australia.

The company says the deal will turn NQM into a significant gold producer, with Pajingo scheduled to produce around 300,000 ounces of gold over a five-year period.

Since NQM took over as the de facto operator of the underground mine in December, the company said, development has proceeded at a faster pace than originally anticipated.

The first gold pour was completed at the site in late January and the second, carried out on February 13th, revealed 2,961 ounces of gold.

A re-evaluation of the mine's reserves and resources is currently underway, with NQM expected to announce the results by the end of March.

Pajingo mine was discovered in 1983. It is located 43 miles south of Charters Tower, a former mining centre in northern Queensland.

 

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