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Friday, 29th December 2006 (3352 views)

Australian mining firm Oxiana has discovered that recent explorations at two sites in the country have revealed encouraging indications of fresh sources of gold and copper-gold.

The Melbourne-based company states that exploratory holes at its Prominent Hill site have found wide intervals of gold-only mineralisation and top-grade copper-gold.

The site has already revealed that it is home to around 2Moz of gold, with extraction time estimated at ten years.

Meanwhile, drilling at Golden Grove, which is known to contain 631,000oz of gold, discovered previously unknown quantities of sulfide and zinc sulfide.

"Initial results received from near-mine exploration drilling at Oxiana's Prominent Hill Project in South Australia and Golden Grove Operations in Western Australia have highlighted potential for significant expansions to resources at both sites," the firm said in a statement.

It added that programmes to extend the facilities at both sites will continue throughout 2007, with the help of eight drill rigs.

Oxiana bought both sites from Newmont Mining in 2005.

 

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