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Wednesday, 21st March 2007 (3063 views)

Crescent Gold Limited has entered the ranks of the great gold producers of this world as it poured its first gold bar this week on site in Western Australia.

Australia's gold mining sector has been brought back to life by the already prolific nature of Crescent's forecasted annual output – it is expected to yield around 90,000 ounces of gold every year.

Andrew Heythorpe, the managing director of Crescent, said: "In the current strong resources environment, it would be easy to overlook the emergence of and importance of a new Australian gold producer, particularly one of our anticipated annual throughputs."

However he warned others in the gold world not to do this because the reality is that gold is a commodity with a "real chance" of being mined and delivered in "real timeframes".

He added that it is a historic day for the firm especially as it is about to start production at a time where the gold market continues to become more bullish.

Crescent's project is located in Laverton which is 250 kilometres away from Kalgoorie and it stretches over 1,000 square kilometres. Barrick Gold and Anglogold Ashanti both have projects very nearby.

 

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