G-Resources finds new gold deposits

By Bambang Atmadja

Hong Kong-listed G-Resources Group Limited said that exploration activities at its Martabe mine in North Sumatra which were completed in the first quarter of this year have found new gold deposits at the Purnama, Barani, Uluala Hulu deposit areas.

The company said in a statement Sunday that at Purnama Southeast, the firm found gold deposits of 7.57 gram per ton at a depth of 19 meters, at Purnama Pit it was discovered gold deposit of 2.08 gram per ton and 1.41 gram per ton at the depth of 32.6 meters and 65.5 meters respectively.

At Barani South deposit, it found 1.24 gram per ton of gold deposit at the depth of 32 meters and 3 gram per ton at Uluala Hulu deposit at the depth at 20.4 meters.

The exploration program is part of the company?s efforts to increase the resources at the Martabe mine. During the first quarter, the company completed exploration at three of the seven locations. The gold resources at the Martabe mine was estimated at 8.1 million ounces, while silver at 73.8 million ounces.

The Martabe mine is supported with a gold processing plant with a capacity to process 4.5 million tons of ores per year, able to produce 250,000 ounces of gold and 2-3 million tons of silver.

Editing by Reiner Simanjuntak