Thursday, 27th September 2007 (2015 views)

The resource base for the Greenwood gold project has been increased by 164 per cent following an independent resource estimate on the Lone Star deposit, according to Merit Mining.

An independent report commissioned by Merit from P&E Mining Consultants revealed that the Lone Star deposit makes a significant contribution to the resource base in the Greenwood project, which also includes the Lexington-Grenoble and Golden Crown deposits.

P&E has recommended a further C$550,000 (£271,000) program to expand the deposit, as it reported good potential for further resources on the Lone Star site.

The Lone Star deposit is located in the state of Washington, and borders the company's Lexington-Grenoble deposit, which is located in British Columbia.

Construction of a mill at the Greenwood project is underway and is scheduled to be running by the second quarter of 2008.

The Vancouver-based company owns over 15,000 hectares of exploration property in the Canadian province of British Columbia, as well as operations in North America, Africa and southeast Asia.

 

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