Dec 21, 2010

G-Resources finds gold in Martabe

G-Resources, a Hong Kong-based gold and silver mining company, found a new gold mining zone in Martabe, South Sumatra, and instantly started drilling to test the target zone.
G-Resources Group Limited President Director Peter Albert mentioned the name of the prospect zone is Horas, which has been previously called as Barani Selatan. The zone is located 3 km from Martabe construction project.
“We are glad to have this early finding in Horas. It confirms that there is a potential of large gold contents in Martabe in general. We have been preparing for the drilling in Horas,” Peter said in a press release today.
Peter added that the company will continue the expansion of exploration program aggressively after the finding. Three core drill rigs have been finished as the integrated part of exploration program, and those three drilling holes confirmed the significant amount of potential gold.
“Concerning construction process, Martabe is expected to start production in 2011 with target annual gold production at 250,000 ounces and silver at 2 million up to 3 million ounces,” he said. 
G-Resources claimed that Martabe has resources as much as 6.5 million ounces of gold and 66 million ounces of silver. 
Moreover, G-Resources also said that its gold reserves in Martabe reach 2.7 million ounces and its silver reserves are 32.8 million ounces. 

Disclosure: No position at the stock mentioned above.

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