Mining minnow claims increased gold reserves
Tuesday, July 29 2008 - 01:05 AM WIB
Boca Raton, Florida-based junior explorer New Asia Gold Corp. announced on Monday that there is a further 170,000 oz of gold that can be delineated in the main prospect at very little risk in addition to its existing proven reserves of 330,000 oz of gold on its project in Indonesia that have already been drill defined and independently verified.
The company claimed that the addition would increase the value of the project to US$335 million U.S. after mining costs. This value is based on an average price per oz of gold at $850 per oz, the company said, adding that assessment of all the leases will continue on an ongoing basis.
The company announced on Thursday that it had acquired 100% of the shares of an Indonesian gold exploration company as a result of a share exchange agreement.
The company in its release did not give the prospect?s exact location, but according to the company?s website, it had a prospect located close to the east coast of East Kalimantan province, approximately 1 hour by boat from Nunukan regency.(alex)