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Friday, 30th March 2007 (3069 views)

Queenstake Resources has reported its estimated measured and indicated precious metals resources for the upcoming year.

Some 1.9 million ounces of gold are estimated to be contained in the 8.2 million tonnes with an average grade of 0.23 grams of gold per tonne at the moment taken from research done at the end of last year.

There was a reduction in mineral reserves in 2006 due to the increasing costs of mining and an increasing cut-off grade. Other factors also affected resources such as the shutting down of the firm's Murray mine and depleted production from the Smith mine during the year.

However Queenstake looks forward to a good 2007 with a multi-million pound investment into its exploration at the Jerritt Canyon District at Starvation Canyon. Five surface drill rigs have been used at the site to explore for gold mineralistion.

The company became a gold producer back in 2003 when it acquired the Jerritt Canyon mine, which is in Nevada. It is just 44 miles away from the highly prolific Carlin Trend where many big mining operations are located.

 

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