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Tuesday, 24th July 2007 (2854 views)

A massive discovery has been made by China Goldmines at its Guanzhuang gold project, in China's Hunan Province.

The discovery has led to an increase in the company's share prices and compliant inferred resource estimate.

China Goldmines' estimate is now 5.1 million tonnes grading at 11 grammes per tonne of gold, containing 57,000 kg of gold which is equivalent to 1.83 million ounces.

"Our milestone is to create a multi-million ounce gold resource and we now have confirmation that this is achievable in the near term," the Telegraph quoted chief executive Frank Vanspeybroeck as saying.

According to the newspaper, an analyst has estimated that the company's newly proven reserves could be worth between £150 million and £500 million.

China Goldmines is a gold resources company focussed on the discovery and development of gold projects in the Hunan Province

 

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