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Tuesday, 23rd January 2007 (3306 views)

A restructuring project involving Beaconsfield Gold's management company Allstate could result in the Beaconsfield gold mine reopening in the next few weeks.

The mine has been controversial following the collapse on Anzac Day last year that resulted in a fatality. As a result of reopening the site, the company must pay AUS $700,000 (£279,000) to Macquarie up front as well as AUS $2.15 million (£858,000) once the gold production commences.

These payments will be donated to the families of the workers who injured at the mine as well as the widow of employee Larry Knight who perished in the disaster.

Speaking to the media in Melbourne, Beaconsfield Gold's chief executive Bill Colvin said: "Beaconsfield Gold is very pleased to announce some very significant progress today in that the two major hurdles that we feel were in front of us in restructuring Allstate have now been cleared."

The property is situated astride the old Tasmania Reef mine which comprises of a gold-bearing quartz-carbonate-sulphide vein. An average strike length of 350 metres can be found here.

 

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