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Tuesday, 3rd November 2009 (239 views)

A mining company has said it has found evidence suggesting that Mount Freda in Queensland, Australia could hold reserves of over 100,000 ounces of gold.

According to Queensland Mining Corporation (QMC), early drilling at the site has pushed up the estimate for the amount of gold ore expected to be located there, ABC reports.

The company has a number of projects in the area - situated in north-west Queensland - as well as in the Mount Norma, Duck Creek and Selwyn districts.

Howard Renshaw, managing director of QMC, said that recommencing gold production at the Mount Freda mine would make it the only fully operational gold project in the Cloncurry area.

"It could enable other miners in the area or private miners to be able to process their gold somewhere in the future - that's important within itself and that's what the Cloncurry district needs," he added.

Australia's total gold production from mines stood at 225 tonnes last year, compared with 246 tonnes in 2007, according to figures from the US Geological Survey.

 

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