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Wednesday, 22nd November 2006 (3014 views)

Aflease Gold, a junior South African mining company, has been granted initial prospecting rights to pursue its Ventersburg project.

Ventersburg is estimated to contain some six million ounces of gold in its reef according to its previous owner, the ubiquitous Gold Fields.

Neal Foreman, chief executive officer at Aflease Gold, said: "There has been substantial drilling on the property in the past and now that we have received our prospecting right, we can start planning a thorough code-compliant exploration program for the Ventersburg Gold Project."

The company says that gold mineralisation is close to the surface and this fits into the company's priorities which include focusing on developing shallow, low technical risk mines.

Gold Fields studied the project back in 1994 and since then its estimates have been confirmed by Sub Nigel Gold Mining Company in 2003.

Ventersburg is located in the Witwatersrand basin in the Free State Province where over 310 million ounces have previously been mined, according to Aflease.

 

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