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Friday, 24th September 2004 (4542 views)

Renison Consolidated Mines has announced that it has raised funding in order to complete a feasibility study and commence development at its Tom Gully gold mine.<BR/><BR/>The Australian firm has raised AUS$1.25 million for the site in the Northern Territory and said that funds will also be used to begin exploration at the company's Agate Creek gold project in North Queensland.<BR/><BR/>"The feasibility study is now well advanced with studies in most disciplines materially completed," the company explained to Asia Pulse.<BR/><BR/>It added: "The company is also well progressed in negotiations with underground mining contractors and potential financiers for the mine development and it is expected that contracting and funding arrangements will be finalised soon after the completion of the feasibility study."<BR/><BR/>The company is also planning some underground work and claimed that if funding and works go to plan then initial gold production could be expected for the first quarter of 2005.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=3472024"/>

 

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