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Friday, 23rd March 2007 (3137 views)

A new drilling programme has begun at the Reward gold project in Nye County, Nevada, following on from Canyon Resources' recent updated resource estimate.

The 1,600 foot core drilling work forms part of the mining company's "ongoing" feasibility study at the property and Canyon is preparing to undertake a total of four drill holes to further this study.

Furthermore, Canyon has filled out a water pollution control permit application ready to give to the Nevada Division of Environmental Protection after finishing a heap leach facility design report earlier this month.

James Hesketh, president and CEO of Canyon, said: "These programs are important steps in our effort to quickly advance the Reward Project to a production decision."

He added: "Reward is an important project for us, providing ounces, and additional exploration potential for our planned growth into a mid-tier gold producer."

The company has predicted that at present gold prices, the cost of the project, planning for a five-year life span, would be $330 (£168) per ounce of gold produced.

 

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