Thursday, 26th October 2006 (2555 views)

A Liberian gold mining project has seen significant increases on its previous gold resource estimates.

The New Liberty gold mine has risen substantially to 1.4 million ounces in the west African state. Mano River Resources owns the mine in its entirety and is calling this a "milestone for the company".

Dr Tom Elder, chief executive officer at Mano, said: "We are extremely pleased to announce this substantial increase in the mineral resource estimate at the New Liberty Gold Mine project in Liberia."

He continued: "It is testimony to the value of our team's pioneering exploration approach and validates our long term commitment to Liberia."

A feasibility study is presently near completion and will focus more on the economics of initial production. It is expected to be a long underground operation.

New Liberty is located in the company's 1000 square kilometre development known as Bea Mountain, which is around 90 kilometres away from Liberia's capital city Monrovia.

Mano has a licence for 25 years of exploration and production activities at Bea Mountain.

 

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