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Friday, 27th April 2007 (3100 views)

Otjikoto gold project in Namibia is just beginning its pre-feasibility study after its owner, Teal Exploration and Mining Incorporated, discovered a 1.2 million ounce gold resource at the site.

Some 6,400 metres of infill drilling has been completed as past of the first phase for this study and core drilling is ongoing with a 15,000 metre reverse-circulation drill programme due to begin in May of this year.

Rick Menell, the chief executive officer and president of Teal, said: "TEAL has completed an assessment study related to the viability of a mining operation at Otjikoto.

"The positive conclusion of this study has motivated us to start immediately with a pre-feasibility study of the mineral resource."

He explained that a positive result from the pre-feasibility study would initiate the commencement of a bankable feasibility study which would take place in the third quarter of this year.

Results from this work will be examined geologically and geo-statistically modelled which will help the firm to estimate indicated and measured resources.

 

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