Tuesday, February 28, 2017

Gold worth 1.7 billion USD

UK firm discovered a high grade gold with an estimated resource of 1.31 million ounces of gold at its mines in Western Kenya.
“This is one of the highest grade projects in Africa today, and we believe that this initial resource is a first step in the delineation of a multi-million ounce high-grade corridor,” said Brad Gordon, the firm’s CEO, in a statement yesterday.
The grade of the gold said to be one of the highest in Africa is estimated to be valued at Sh171 billion ($1.65 billion according to Kenya’s Mining Cabinet Secretary Dan Kazungu.
“The discovery of 1.3 million ounces of gold is an encouraging start to what we hope will ultimately be the discovery of a multi-million ounce gold camp, but 1.3 million ounces on its own is small. For the project to be economically viable, we would need the deposit to be at least two million ounces to three million ounces.” said Brad Gordon, the firm’s CEO, in a statement yesterday according to a report by the Standard.

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