Newmont says Martabe gold prospect may be too small: Report

The Martabe gold prospect in North Sumatra could be too small for Denver-based Newmont Mining Corp. to develop, the company's Australian managing director Paul Dowd said.

Drilling results on the advanced exploration project indicate potential for 3 million ounces of gold disseminated over several deposits, he told Dow Jones Newswires.

"It may well be an interesting prospect, but I'm not sure it fits our mold entirely, it could be too small," Dowd said.

Newmont continues to drill Martabe and is yet to issue a timeframe for making a decision to proceed or abandon the project.

Newmont?s vice president of Indonesia operations Robert Gallagher earlier said that the company had allocated about US$9 million to develop the mine. (*)