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Thursday, 20th April 2006 (3512 views)

Western Australian mining company Straits Resources has announced a collection of gold discoveries and production results for the first quarter of 2006.

At the company's Indonesian mine, Mount Muro, Straits reported production of 10,840 ounces of gold, and forecast a total production of up to 100,000 ounces for the whole of this year.

Meanwhile, the company intends to expand its portfolio of gold reserves following its announcement of a "stunning" discovery of gold mineralisation at the Yandan project in North Queensland.

The best intersection returned results of 7.9 grams per tonne of gold over 88 metres, including a lucrative stretch over 45 metres, which appears to yield nearly 14 g/t.

Milan Jerkovic, Straits' chief executive, commended the announcement: "At a time of near record commodity prices, Straits is certainly enjoying the fruits of its strategy of diversification.

"As such, we are in the enviable position of having a pipeline of outstanding resource projects along with a strong balance sheet and good cashflow streams with which to advance these projects," he added.

Straits Resources was founded in 1992 and listed on the Australian stock exchange in 1994. It has mining interests in a variety of commodities markets, including gold, copper and coal.

 

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