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Crater Gold hopes for speedy production in PNG

6th November 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Crater Gold Mining was poised to become the next gold producer in Papua New Guinea, after being granted a mining lease for its Crater Mountain gold project.

A Joint Ore Reserves Committee-compliant resource of 24-million tonnes, grading 1 g/t gold for 790 000 oz of contained gold has been defined at the main zone of the Crater Mountain project, which includes four prospects.

Crater Gold was hoping to extract about 10 000 oz of gold from the operation in the first 12 months of production.

“The granting of the mining lease is a watershed milestone for the company as we transition from developer to gold producer,” said CEO Greg Starr.

“With the mill and gravity concentration circuit already commissioned on site, we can effectively commence mining activities and gold production in the current quarter.”

Starr said that the company was currently finalising landowner compensation agreements to clear the way for gold production.

Edited by Creamer Media Reporter

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