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Tuesday, 29th April 2008 (5029 views)

The first commercial amount of gold has been poured at the Coolgardie gold project in Western Australia, it has been reported.

According to the Sydney Morning Herald, Focus Minerals poured around 5,000 ounces of gold sourced from the underground Perseverance deposit.

The resulting gold bar is was valued at around US$4.5 million (£2.28 million), the newspaper states.

Focus recently upgraded its resource estimate for the Perseverance area, putting it at 76,000 ounces. The company reportedly believes that further high-grade mineralisation could be hosted around the deposit.

In total, Focus says the Coolgardie gold project is believed to contain a total of 20.6 million tonnes graded at an average of 2.48 g/t gold for a total of 1.65 million ounces.

Gold mining started at the site in April 2008, with work focused on the "flagship" Perseverance deposit.

Focus plans to ramp production up to 100,000 ounces a year at Coolgardie within the next three years.

 

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