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Thursday, 18th December 2008 (1254 views)

Arctic Oil & Gas has announced that its precious metals division is making progress on its joint venture plans for two new mine developments in 2009.

The company has reported that gold production is due to commence in 2009 and the joint venture partners plan to finance and develop two or more large-scale placer mines.

According to Arctic Oil & Gas, the Denali Placer gold mine has a one million yards per year mining-processing plant on site and the firm intends to upgrade the existing mine production equipment to a 60,000 ounces per year mining operation next year, with estimated gold production costs of $300 (£194)/ounce.

The resources development business is finalising plans to construct new large-scale suction-cutter gold dredges at its Norton Sound Alaska Oceanic Placer gold mine in order to produce 250,000 ounces next summer.

Based in Las Vegas, Arctic Oil & Gas has a gold exploration division which has recently established a new joint venture to pursue precious metals resource opportunities and is an 80 per cent equity partner in the Norton Sound Oceanic Placer gold project.

 

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