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Thursday, 3rd May 2007 (2997 views)

Viti Mining (VML) is seeking to obtain a lease to begin mining exploration and excavation work in a gold region in Fiji currently owned by Emperor Gold Mines.

The local start-up company, created last month and headed by merchant banker John Sanday, hopes to twin its gold operation at the Oalibua tenement with mining precious metals in the South Pacific islands.

Oalibua is located within the Tuvatu portfolio of exploration sites currently held by international mining operation Emperor.

However, John Sanday, Viti's chief executive, told Island Business: "VML has already submitted three applications to the mineral resources department."

"Two are for exploration leases and one is for a mining lease," he added.

If the request is approved, Viti hopes to begin mining within 18 months of the lease application approval, Mr Sanday explained.

The company approximates gold production of between 15,000 and 20,000 ounces annually at the site.

Current owners Emperor recently listed Oulibua as one of the top three resource areas of the ten it holds in the Tuvatu and Tuvatu North regions, enjoying 'high gold prospects'.

 

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