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Wednesday, 23rd July 2008 (1308 views)

A potential for a gold rush in Bendigo has been exaggerated, reports the Bendigo Advertiser.

This comes despite a report from GeoScience Victoria which has predicted there could be around A$32 billion (£15.5 billion) worth of gold in the Australian town.

The newspaper said the costs of both finding the gold and developing any mines have not been included in the study.

"As a result of the report, many exploration companies have taken licences over sections of the area," DPI executive director of Minerals and Petroleum Dr Richard Aldous.

In addition, Dr Aldous said the zone in Bendigo is one of Victoria's biggest sources of gold and around A$100 million is spent on mineral exploration in the region.

Rod Hanson, Bendigo Mining's managing director, said he believed there was a good chance there is gold in the rock formations explored in the GeoScience Victoria report.

Bendigo Mining's goldfield has produced 22 million ounces of gold in a century.

 

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