Placer Gold Corp.(fka PGCR)

[BullsEye]

Arctic Oil & Gas "rapidly progressing" placer mine developments

Monday, 5th January 2009 (33 views)

Arctic Oil & Gas has announced that it is "rapidly progressing" plans for two new placer mine developments.

The resources development firm plans to commission the two Alaskan projects in 2009, producing around 300,000 ounces of gold a year during their first year in production.

According to Arctic Oil & Gas, gold resources are expected to total at least one million ounces of placer gold and additional large-scale placer gold deposits in warmer regions are also being evaluated.

The company is currently re-evaluating historical drilling and bulk sampling and claims that the Nome offshore placer mining project could be implemented on an increasingly larger scale as a result of the "potentially large resources available".

A $250 million (�172.5 million) private offering is being distributed for delivery of 500,000 ounces of gold at $500 per ounce.

Arctic Oil & Gas's gold exploration division recently established a joint venture to pursue precious metals resource opportunities and is an 80 per cent equity partner in the Norton Sound Oceanic placer gold

See more here: http://www.gold.org/news/2009/01/05/story/11039/arctic_oil_gas_rapidly_progressing_placer_mine_developments