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Monday, 10th November 2008 (1047 views)

New Asia Gold has announced that it preparing to start work on a new exploration programme on the Kapur project in Indonesia.

Mobilisation procedures have commenced for the initial programme, which will comprise 4,500m of drilling and at least four trenches.

New Asia Gold has revealed that evaluation of the existing exploration data indicates that the Kapur project has "considerable scope for finding a large gold deposit at depth".

The results of the initial scheme will define a secondary programme and New Asia Gold believes that it has identified several additional deposits that are expected to increase proven reserves substantially.

New Asia Gold has found and defined proven gold reserves of 330,000 ounces of gold with a value after extraction costs of $282 million (£179 million) assuming an average gold price of $850 per ounce.

The company, headquartered in Boca Raton, Florida, is a gold mining company with gold properties owned through a subsidiary with gold tenements/leases in Indonesia.

 

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