logo-loader

Kolar Gold gearing up for busy 12 months

Last updated: 01:20 11 Dec 2014 EST, First published: 02:20 11 Dec 2014 EST

kolar_drill_rig

India-focused explorer Kolar Gold (LON:KGLD) expects a busy next 12 months as it pursues its two key strategies, it said in the recent annual report.

The firm continues to work with partner, the united BGML unions, on its long-standing proposed acquisition of Bharat Gold Mines, which previously operated the historic Kolar Gold Fields area.

The Indian government has now appointed an advisor to manage the tender process, which the firm said is expected to begin next year.

Secondly, this month has seen a major step forward at its partner Geomysore Services Private Ltd, in which Kolar Gold holds 25.3%.

A major funding package has been agreed to support a large drill programme at the Jonnagiri prospect.

The programme will focus on increased confidence in the current resource as well as attempting to extend the currently delineated ore bodies, which presently have a 710,000 ounce and 2 to 5mln ounce exploration target.

On the back of the results, GMSI intends to begin work on scoping and pre-feasibility studies to assess the viability of constructing a new gold mine.

Kolar Gold is uniquely positioned to be a key participant in the development of the Indian gold mining sector, it added.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 17 minutes ago