Thursday, 10 March 2011

Golden prospects

via CAAI

Wednesday, 09 March 2011 20:51 JEREMY MULLINS/ BLOOMBERG

Indochine Mining Limited today claimed to have made a discovery of a “high grade” gold-bearing quartz vein at its Kratie North project.

Claiming its best result returned 42 grams of gold per tonne, the company said the Kratie North site was a key focus of its exploration programme, launched in February.

“A drill programme will commence in mid-April, initially for 2,000 metres of diamond drilling to test and observe the mineralised structures from the geophysics and geochemistry,” it said in a release on the Australian Stock Exchange.

It said it would follow up further results with more precise drilling.

The firm’s stock price climbed 7.14 percent in ASX trading today, ending the day at A$0.375 (US$0.378).

Meanwhile, Canadian exploration firm Shamika2Gold claimed to have acquired 85 percent of MIG International Mining Group on Tuesday.

It said MIG owns a gold and ruby exploration licence in Samlout district, Battambang province.

OZ Minerals Ltd, which is actively exploring in Cambodia, today agreed to buy Australia’s Carrapateena copper project for US$250 million in cash.

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