G-Resources expand gold exploration area in RI

PT Agincourt Resources, part of the Hong Kong-listed G Resources, continues to expand exploration areas in the company?s gold mine in Martabe, North Sumatra in its efforts to further increase gold production, Kontan business newspaper reported on Tuesday.

Katarina Siburian Hardono, Communications Manager of G Resources, said that the mining company would allocate US$10 million in new investment to finance exploration activities in the company?s Martabe mine this year.

She said that beginning this year the company had expanded exploration areas to North Tapanuli. ?We continued exploration activities to areas which already have proven gold reserves,? she added.

According to previous exploration activities, the company has found gold and silver deposits in seven areas located in South Tapanuli including Purnama, East Purnama, Ramba Joringm Barani, Tor Ulu, Horas and Ulu Ala Hulu.? The areas have proven resources of about 8.05 million ounces of gold and 77 million ounces of silver.? The proven reserves are 3.01 million ounces of gold and 33.63 ounces of silver.

Katarina said that in the first semester, the company had spent about $5 million, and would spend another $5 million to finance exploration areas in the second semester. Since 1997, the company has already spent about $900 million to develop the Martabe mine. (*)