Thursday, 21st August 2008 (558 views)

A gold mining company has been testing historical mines near Silverton, Colorado with a mind to reopen them.

The Durango Herald said if the Gold King and Mogul mines were reopened by Colorado Goldfields, it could deliver a significant economic boost to the small town of 531 people.

Exploratory mining started at the Mogul mine earlier this week and drilling started at the Gold King site in July.

Between 1895 and 1920, the Gold King mine produced 345,000 ounces of gold, according to Stephen Guyer, chief financial officer of the company.

In discussing the possibility of reopening the mines instead of starting new ones in the area, Mr Guyer told the newspaper: "Today, it's economically feasible and we anticipate that it's going to get nothing but more economically attractive over the next six months."

Other mines in Colorado area that the exploration company are investigating include the Mayflower mine and the Pride of the West mine.

 

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