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Wednesday, 27th July 2005 (4382 views)

Meridian Gold has predicted it will find further gold deposits in its Chilean mine, El Penon.<br/><br/>Announcing the company's second quarter results for the year, Meridian's chief executive, Brian Kennedy, said that the rate of gold discovery was increasing.<br/><br/>"We believe that for the fourth year in a row we will replace reserves and resources at a level to match or exceed our ounces of gold produced," he said.<br/><br/>Mr Kennedy added that the new discoveries were expected to support Meridian's goals of expanding its operations.<br/><br/>Overall, Meridian reported good results, with gold production at 76,400 ounces costing $47 per ounce, and net earnings of $9.1 million.<br/><br/>At the Chilean mine of El Penon, ore-grade mineralization was extended a further 350 metres along strike on the Providencia vein, giving a total strike length of 1.1 kilometres.<br/><img alt="track" src="http://feeds.directnews.org.uk/feedtrack/dn.gif?feedid=196&itemid=15011858"/>

 

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