East Asia Mineral to commence gold production
Wednesday, June 27 2012 - 07:27 AM WIB
Toronto-listed gold miner East Asia Mineral Corp expects to start producing gold from its Sangihe gold project in North Sulawesi within the next three years with the feasibility study to be conducted this year.
Chairman and CEO East Asia Minerals Corp Edward P. Rochette stated that the company is budgeting US$ 2.4 million fund for the next 12 month of the development in Sangihe project.
"We are targeting 300,000 ounces per annum of high grade surface oxide ore for the initial production, and we also continue to have the exploration activity," Edward said adding that within two years of the production the company will have positive cash flow.
The Sangihe project consists of two prospects, Binebase and Bawone with the total inferred resource about 1.1 million ounces of gold.
Beside in Sangihe, the company also has another gold mine project in Indonesia called Miwah Project in Aceh Province. The project has an inferred resource of 3.4 million of gold and 8.9 million ounces of silver. "For Miwah project we are currently seeking new forestry and other permits for the future drilling program,"he said.
Editing by Adianto P. Simamora