Avocet secures environmental permit for 2nd gold mine
Wednesday, July 11 2007 - 03:57 PM WIB
UK miner Avocet Mining Plc said on Wednesday that it had recently gained approval of the environmental impact study for its Bakan gold project in North Sulawesi.
The company said that the approval would allow it to proceed with the completion of the feasibility study and the commencement of a second mine in Indonesia.
The Bakan project is located in Mongondow concession, where the company?s already -operating mine called North Lanut is also located.
The company reported in May 2007 a total of 16.87 million tonnes of Measured, Indicated and Inferred Mineral Resource averaging 0.96 g/t Au containing 518,000 ounces of gold in using a cut-off grade of 0.3 g/t Au at Bakan mine, following completion of over 16,500 metres of infill diamond drilling.
Avocet has 80 percent stake in Mongondow concession.(alex)