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Tuesday, 25th September 2007 (2940 views)

Exploration by mining company KiTov Resources near Israel's most southernmost city has yielded the discovery of high concentrations of gold.

According to Ynetnews, concentrations of four grams of gold per ton of earth were found in the deserted mountainous terrain north of the Israeli city of Eliat.

Further drilling could commence as early as December 2007, according to Abraham Rod Salfinger, the owner of KiTov.

The news agency reported that currently, KiTov's exploration license allows the company to cover an area of 70 square miles and that it will have to apply for a digging licence and present the Israeli infrastructure ministry with a detailed financial plan before drilling can begin.

KiTov Resources is an international mining exploration company with offices in Australia, Canada and the US.

It currently has interests in two properties in Australia, in Victoria and North Queensland, as well as a smaller property in British Columbia, Canada.

 

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