Wednesday, 30th May 2007 (2342 views)

Production at Continental Minerals Corporations' Xiangcun copper-gold mine in Tibet is due to start imminently, it has been claimed.

According to Phayul news, the mine has proven reserves of 220 million tonnes of porphyry copper-gold, with an estimated annual output of more than six tonnes of gold.

The Continental Minerals owned Xiangcun mine has around $450 million of investment in it, the news source reveals.

In related news, Continental Minerals has announced the results of its porphyry copper-gold deposit at Newtongmen near Lhasa.

"The Newtongmen deposit exhibits strong similarities to the Xietongmen deposit," commented Continental Minerals president Gerald Panneton.

"These results indicate excellent potential for another significant copper-gold deposit in the Xietongmen district," he added.

Prospecting at Xietongmen began in 2005, with Newtongmen site discovered in 2006.

Continental Minerals main plans for 2007 include completing the feasibility study and obtaining a mining license for the Xietongmen project, carrying out 10,000 meters of drilling in the Newtongmen site, in addition to listing on the Hong Kong Stock Exchange.

 

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