Thursday, 16th December 2004 (5301 views)

Newmont Mining has held a special event this week to mark the beginning of construction for its Phoenix Project.

At present Newmont has six million ounces of gold reserves but this will be updated at the end of the year based on new exploration, according to Elko Daily.

Newmont's chairman and chief executive officer, Wayne Murdy, said: "We're cleaning up historic mining and starting new mining. It's a very positive thing. And they tell me the ounces are growing."

The mining company will clear up the remnants of old mining in the are and use modern day technology to boost gold reserves.

Around 60 people visited the site to attend the event.

 

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