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Friday, 28th September 2007 (2799 views)

Radio Australia has reported that new drilling results from undersea gold reserves in Papua New Guinea (PNG) could make the sea-based project one of the most significant mining discoveries in recent years.

David Heydon, president and chief executive of Nautilus Minerals, told the radio station's Pacific Beat programme that the discovery, in waters off the coast of PNG, could open up the western Pacific to a new resource.

The first company to make commercial explorations of the seafloor for gold deposits, Nautilus holds exploration applications for waters in New Zealand, Fiji, the Solomon Islands, Tonga and PNG.

Recent drilling data has confirmed high-grade gold deposits in the company's Solwara 1 field and plans are currently underway to develop a mine plan for the project.

Pending approval from the PNG government, mining development is expected to get underway at the project in the next two years, with an onshore processing facility producing concentrate sales by 2010.

 

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