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Tuesday, 19th August 2008 (884 views)

The discovery of gold deposits in northern Australia is set to bring money into the region, it has been claimed.

According to Westgold, a mining company based in Perth, there is a high concentration of quality gold deposits in the mine near Tennant Creek, ABC News reports.

Managing director of Westgold Andrew Beckwith was quoted as saying more than 200 jobs could be created, adding: "Things look very exciting, it is a good discovery and now we have to determine how much is there."

The company did not disclose an estimated value of the gold, but in its quarterly statement suggested that between one million and 1.5 million ounces were there.

Mines in Australia produce an average of two to five grams of gold per tonne, but Mr Beckwith stated that the discovery is producing ten grams per tonne.

Westgold acquired the project in late 2006, due to a takeover of Navarre Resources.

 

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