Newcrest adds 361,000 oz of gold resource in N. Maluku mine

Australian gold miner Newcrest Mining Limited announced on Tuesday that a resource estimate has been completed for the Toguraci prospect, which lies 2kms west of Newcrest's Gosowong mine in Halmahera Island, North Maluku.

According to Newcrest, the resource is estimated to contain, in the inferred and indicated resource categories, 361,000 ounces of gold at an average grade of 27 grams per ton. The indicated resource category alone is estimated to contain 301,000 ounces at an average 40 grams per ton gold.

The Toguraci prospect lies within a forestry zone and additional permitting will be required to allow mining to proceed. An application to re-classify the status of the forestry zone is currently being considered and a decision is expected shortly. Newcrest has lodged an application for mining access and this is also under consideration.

Newcrst said pit and haul road designs had been prepared and environmental studies had commenced.

?In the event permitting is granted Newcrest is well positioned to commence mining at Toguraci promptly,? said Peter Reeve, Newcrest general manager corporate affairs.

Newcrest holds 82.5 percent equity in PT Nusa Halmahera Minerals, the operator of the gold mine, while state miner PT Aneka Tambang Tbk holds the remaining 17.5 percent. (alex)