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Wednesday, 16th June 2004 (4509 views)

Australian metal producer View Resources has announced it is to purchase the Bronzewing gold mine in Western Australia state from US-based Newmont Mining Corp.<BR/><BR/>Reportedly the miner has agreed to pay $9 million in cash for the site and hopes to restart production at the site in mid 2005.<BR/><BR/>If View manages to produce the gold at its proposed rate of 100,000 to 120,000 ounces a year for at least four years, it would earn a place in the top ten gold producers whose primary listings are in Australia.<BR/><BR/>Managing director Derek Lenartowicz explained to Dow Jones: "It will be subject to our final feasibility study, but it's not going to cost that much, simply because the infrastructure that (Newmont) have left behind is in fantastic condition."<BR/><BR/>The company hopes to increase the mine's resource base and covert it into reserves with a re-evaluation involving extensional drilling.<BR/><BR/>At present View operates the Carnilya Hill and Zone 29 nickel mines near Kambalda.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2840663"/>

 

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