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Tuesday, 21st June 2005 (4586 views)

Bendigo Mining has revealed that it has discovered a new gold-bearing reef close to its Bendigo Goldfield project in Australia.<br/><br/>The new reef, dubbed Alexandria, appears to be at least 900 metres long, between three and ten metres wide, and about 50 metres high, the company stated today.<br/><br/>Managing director Doug Buerger indicated that the Alexandria Reef was "the largest gold-bearing reef identified by our exploration", which would significantly increase production at the goldfield.<br/><br/>He said in a statement that further drilling was needed to assess the grade of the reef, but there was a "high probability" that it would bear economic grade gold.<br/><br/>Bendigo Mining started work on a processing plant worth Aus $5 million at the Bendigo Goldfield site, intending to produce 140,000 ounces of gold a year.<br/><br/>By the seventh year of operations, it hopes to have boosted production to as much as 500,000 ounces per annum.<br/><br/>The historic Bendigo Goldfield project was acquired by the company from Western Mining in 1992 for $1.9 million.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8797792"/>

 

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