Normandy to proceed with feasibility study on N. Sumatra gold project
Thursday, January 17 2002 - 07:56 AM WIB
Australia?s number one gold mining firm Normandy Mining Limited said on Thursday that the pre-feasibility study of the Purnama gold deposit, one of a number of potential ore bodies in the Martabe project in North Sumatra was completed in January this year, resulting in recommendation to proceed to feasibility study stage.
Normandy Mining announced the North Sumatra gold discovery last year, which is cited by some industry players as ?the most important discovery in 2001?.
According to Normandy, the pre-feasibility study has demonstrated that high returns could be achieved from a heap or dump leach operation for a low entry capital of approximately US$30 million and operating cost of approximately US$105/oz, with an indicative average annual production of 150,000ozs.
Normandy has 90 percent stake in PT Horas Nauli, the project operator, while Austindo Nusantara Jaya, an Indonesian company which also controls Australian listed mining firm Austindo Resources Corporation holds the remaining 10 percent. (alex)