Thursday, 17th June 2004 (3079 views)

Newmont Mining is to focus more on its gold explorations in Waihi, claiming it has some of the best potential in the world.

Over the next two to three years the company plans to boost gold searches and already the number of exploratory rigs has been increased from two to five.

Newmont Waihi general manager Dave Ingle, told the Waikato Times: "On a worldwide context it is a very prospective area . . .we continue to find encouraging results."

Although previously on the market, Mr Ingle explained that Waihi was recently removed since gold mining potential outweighed the numerous offers it received.

Reportedly if the exploration shows positive results the mining firm will possible extend the mine.

Exploration spending for the company will now increase from $1 million to $6 million a year for the next three years.

 

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