The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Wednesday, 27th July 2005 (4361 views)

Gallery Gold has announced that production at the Buckreef gold resource in Tanzania increased by more than a third (36 per cent) to 1.91 million ounces over the last six months.<br/><br/>The company has announced that a Project Feasibility Study is now underway for a 140,000 ounce per annum operation with production scheduled to commence in 2007, following recent success at the Mupane operation in Botswana.<br/><br/>Gallery has two significant near-surface resources on a 40-kilometre strip of tenements in the Lake Victoria region of Tanzania at Buckreef and Busolwa and also has an additional higher grade underground resources at Buckreef.<br/><br/>A revised MIK model completed by Hellman and Schofield in July 2005 at Busolwa estimated a total inferred resource of 13.7 million tonnes at an average grade of 1.8 g/t Au for 785,000 ounces using a cut-off grade of 1 g/t Au, a 506,000 ounce increase over previous estimates.<br/><br/>Gallery Gold's Managing Director Hamish Bohannan said that the company was delighted with the results and was well placed to progress the development of a 140,000 ounce per annum project, based initially on open pits at Buckreef and Busolwa. <br/><br/>"These initial results are particularly good giving us excellent open pit potential in the project area," he said. "We are confident that the results of the current Buckreef Feasibility Study will be positive - and are aiming to develop our second gold mine and processing plant in 2006."<img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=14014549"/>

 

« Back to Gold News stories