Tuesday 7th December 2010 |
Text too small? |
Gold prospector OceanaGold is extending drilling at its Reefton mine on the West Coast after pleasing results from its exploration programme.
The open cut mine in Victoria Forest Park consists of four mines: Globe Progress, General Gordon, Empress and Souvenir. The company was also exploring another nearby site, the Fraternal prospect, where drilling is due to start in January.
OceanaGold hoped to extend its Globe Progress mine, by either open cast or underground mining, and the open cast Souvenir mine was also being redesigned to increase its reserve after encouraging drilling results.
"The team was focused early in the year on identifying priority targets and these drill results are a strong follow-on to this work," executive chairman Jim Askew said.
The company had also tested areas within 4km of the processing plant, and would drill them in the first half of next year. More testing was being done around the region.
Shares in OceanaGold were up 19c at $4.54 by mid-afternoon, having traded between $1.97 and $5.41 in the last year.
NZPA
No comments yet
PF - Details of Interim Results Webcast
Scott Secures NZ$18 million in Global Contracts for Protein
January 14th Morning Report
AFT - NEW YEAR LETTER TO INVESTORS
TruScreen Invited to Present WHO AI Collaboration Meeting
January 13th Morning Report
January 10th Morning Report
January 9th Morning Report
FCG - Migration to NZX Main Board
FSF - Application to delist FSF from ASX has been submitted