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Monday, 31st July 2006 (3604 views)

Australian company Tanami Gold has detailed plans for future exploration in its latest quarterly report.

The company claim to hold several highly prospective projects in Tanami-Arunta province in the Northern Territory and have embarked on an extensive campaign of discovery since the end of the wet seasons in May.

The Reynolds project and the Lake Mackay projects have both been subjected to drilling and several encouraging results have been obtained so far. Surface lag assays on one part of the Lake Mackay project produced readings of 3.3 grams per ton of gold (g/t Au).

The company also officially opened its first mine in this latest quarter, marking its transition from a junior exploration company to producer status. A total of A$15 million was raised through a share issue and this will primarily go to funding the development of the new Coyote Mine.

The mine expects to produce its first gold pour in early August of this year and, if everything goes to plan, should be running to full capacity in September 2006. By the end of 2007, the company forecasts production to stand at 70,000 ounces of gold per year.

 

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