Thursday, 30th October 2008 (386 views)

New Asia Gold has announced that further evaluation of the existing exploration data indicates that there is "considerable scope for finding a large gold deposit at depth on the Kapur Project".

The mining company believes that its shallow drilling programme will substantially increase its proven gold reserves at shallow depths and is forecasting "explosive growth as the drilling results are obtained".

According to New Asia Gold, its proven gold reserves currently stand at 330,000 ounces of gold with a value of around $282 million (£171.7) and further estimated probable reserves are approximately 2.5 million ounces.

Based in Boca Raton, Florida, the firm is currently in the process of defining and producing gold reserves on its properties and extracting the gold.

New Asia Gold has gold tenements/leases in Indonesia and develops projects through the contracting of companies as needed.

Located close to the east coast of the province of East Kalimantan in Indonesia, part of the island of Borneo, the prospect area is located approximately one hour by boat from Nunukan.

 

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