Kirkland Lake Gold (KL)

[NYBob]

Victorian gold rush revival digs in as surging price, investment in deeper mines sees production double
ABC Central Victoria By Beth Gibson and Sian Gard
Posted yesterday at 2:48pm

A close up of men's hands holding a piece of white rock, the rock has
glints of gold speck through it



PHOTO: It is believed there are 80 million ounces of gold still be
unearthed in regional Victoria.
(ABC Central Victoria: Sian Gard)
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Most of Victoria's gold remains underground, considered too deep for
the 19th century diggers to reach.
But now many companies are starting to tap into this resource.

Key points:
It is estimated 80 million ounces of gold remains deep below the ground
in regional Victoria
Kirkland Lake Gold's Fosterville mine is expected to produce up to
610,000 ounces of gold each year for the next three years
The price of gold exceeded $2,000 an ounce for the first time on record
last week
It is believed 80 million ounces of gold still remains underground in
regional Victoria.

When fortune seekers from across the globe flocked to central Victoria's
goldfields in the 1800s they worked with limited equipment — meaning
much of the gold remained out of reach.

Now the state is experiencing a gold rush revival of sorts, with
production doubling in the past five years.

Fosterville mine in Bendigo in central Victoria has begun producing a
reserve of 2.7 million ounces of high quality gold -
Gold in rock
Updated yesterday at 2:50pm

It is believed there are 80 million ounces of gold still be unearthed in regional Victoria.

ABC Central Victoria: Sian Gard

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