The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Wednesday, 21st January 2009 (1152 views)

Stronger gold prices in recent months have caused Troy Resources to defer the closure of the Sandstone gold mine for ten months.

Located in Western Australia, the open cut mine produces around 600,000 tonnes of ore a year and was scheduled to close in February this year.

However, Troy Resources has now revealed that it is deferring the mine closure throughout 2009 in order to take advantage of higher gold prices in the wake of the global economic slowdown.

The firm reported that it will produce 30,000 ounces of gold from the Sandstone gold mine during 2009 using ore mined from the Lord Nelson deposit, which is low grade but economic to treat at current prices.

Perth-based Troy Resources has also stated that its exploration costs have dropped during the past six months and the company has plans to seek new deposits in the Sandstone project area over the coming years.

 

« Back to Gold News stories