With its first gold dor bar poured at its Sinivit gold mine in Papua New Guinea, New Guinea Golds (NGG-V) earned some respect on the market.
In Toronto on July 6 the Vancouver-based companys shares were up 15% or 7 to 55 on 295,000 shares traded.
“Over the next several months, the various circuits will be fine tuned, with gold production gradually increasing to an expected annualized production rate of 35,000 oz by October 2007, said chairman and chief executive Bob McNeil in a statement. In the meantime, the company is continuing exploration activities on Sinivit as well as other of its key properties, with the objective of increasing gold resources”.
New Guinea Gold holds 92% of Sinivit, where the oxide zone has an indicated resource of 413,000 tonnes grading 4.4 grams gold for 58,000 oz. It has an indicated resources of another 61,000 from 98,000 tonnes grading 4 grams gold in the sulphide zone.
The company has 12 gold and copper gold projects in the country, but has places priority on its three gold projects: Sinivit, Normanby, and Mt Penck. Only Sinivit is producing gold.
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