via CAAI News Media
MELBOURNE, Mar 17, 2010 (Dow Jones Commodities News via Comtex) -- OZ Minerals Ltd. (OZL.AU) on Thursday posted an initial gold resource at its Okvau project in Cambodia of 650,000 ounces.
The miner said drilling carried out to date has identified a Joint Ore Reserves Committee-compliant inferred mineral resource of 8.1 million metric tons of ore at grades of 2.3 grams per ton for 605,000 ounces of gold.
OZ said the results have given it sufficient encouragement to continue with further exploration and the next phase will aim to identify the potential for more than 2 million ounces of gold in the Okvau district.
Based on the results, OZ said it remains confident of discovering more Okvau-style mineralization and adding to the current resource.
-By Alex Wilson, Dow Jones Newswires: 613-9292-2094;