Gold Fields (GFI) finds 1.25million oz in Mali
Gold Fields (GFI) finds 1.25 mln oz gold in Komana: Mali
Fri May 28, 2010 12:57pm GMT
BAMAKO (Reuters) - South African miner Gold Fields has found at least 1.25 million ounces of gold in its Komana prospect, an official at Mali's mines ministry told Reuters on Friday.
"The reports received from the company and assessments and monitoring carried out by the National Office of Geology and Mining, prove that there is significant potential of at least 1.25 million ounces, or about 38 tons of gold," Lassana Goita, head of geology at the mines ministry, said.
A Gold Fields official said studies of the Komana property were ongoing and that additional reserves details were likely by the end of the year.
"Our early indications are 1.25 million ounces, but we are still early on in the process," said Sven Lunsche.
Gold Fields, the world's No. 4 gold producer, has said it hopes the Komana project will help it boost its West African output to 1 million ounces per year by 2015, from 800,000 currently.
"We are confident that the whole district of which Komana is a part is a potentially very prosperous gold reserve," Lunsche said.
Mali relies on gold for about 70 percent of its export revenues.
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