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Thursday, 14th February 2008 (2725 views)

The first gold pour has been completed at Allied Gold's Simberi gold project in Papua New Guinea, according to reports from Sharecast.

Simberi is currently slated to produce an annual average of 84,000 ounces of gold during its lifespan, which is forecast at eight years.

Allied said engineering work is already underway to increase this to 135,000 ounces a year.

The company added that analysis of initial samples for the mine indicate gold grades may be better than original estimates. The start of production also marks Allied's transition from exploration firm to explorer/producer.

Allied Gold chairman Mark Caruso said he was "proud" of the company's efforts in developing what he called a "significant gold mining operation".

Further gold exploration is currently underway on Simberi island, as well as on the nearby islands of Tatau and Big Tabar, Allied added.

Papua New Guinea comprises the eastern half of New Guinea and several islands off the northern coast of Australia. It is one of the most diverse countries on Earth, with over 800 indigenous languages.

 

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