Petrosea?s Australian gold project continues on schedule
Wednesday, December 7 2005 - 02:51 AM WIB
Australian mining firm Renison Consolidated Mines NL said Wednesday Tom?s Gully gold mine development in the Northern Territory of Australia was continuing on schedule with first ore is expected to be mined in January 2006.
Renison said the processing plant refurbishment and expansion works were also continuing on schedule with plant commissioning scheduled for March 2006.
Renison said the mine is likely to benefit significantly from the recent gold price of approximately A$670 per ounce compared with A$540 per ounce assumed in its feasibility studies.
The Tom?s Gully mine is being operated under an Alliance Agreement with PT Petrosea Tbk which is also providing mobile and fixed underground mining plant and equipment.
The mine is expected to produce approximately 45,000 ounces of gold per annum from 250,000 tons of processed ore per annum. (Robert)