Wednesday, 25th June 2008 (418 views)

Gold World Resources has signed a letter of intent with the Kun Peng Mining Company from Inner Mongolia.

The letter of intent will give Gold World Resources the chance to "complete due diligence" on the gold property in Inner Mongolia.

Upon completion, the company may then enter into a commercial transaction with Ken Peng Mining through either an equity joint venture, cooperative joint venture or even the purchase of four licenses for gold mining and exploration.

The Ken Peng gold mining area covers 28,395 sq km in the Comb Mountain range in Kalqin County.

A report from 2007 found an average grade of 9.08 g/t of gold. Across three mining areas gold was graded between 4.39 g/t and 14.22 g/t.

Gold World Resources is a resource company looking for gold properties in China.

The company said it is looking in China because in 2007 the country produced 276 metric tons of gold, which represents more than one-tenth of the world's gold.

 

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