African Consolidated Resources to start Zimbabwe gold project in 2012

African Consolidated Resources (ARC) said it hopes to start Zimbabwe gold project in 2012.

In a statement, ARC said subject to funding, the first phase production at Pickstone gold project will commence mid-2012.

The Zimbabwe-focused company said the project, although subject to funding, is successfully on route in its development to generate cash through its Pickstone sulphide tailings dump project.

The company says it has remained committed to full compliance with Zimbabwe’s indigenisation regulations.

The company also indicated that, as an extension of this structure, a significant proportion of the indigenised profit is likely to be re-invested in later stage projects as fully paid equity.

Meanwhile, the company reported that 10 700 metres of drilling, to upgrade current Joint Ore Reserves Committee (Jorc) compliant resource of one million troy ounces, had been undertaken at its Gadzema gold project.

These results would be released in the first quarter of 2012. ACR believes that the total project resource was likely to be higher and the Gadzema gold project could develop into a major mine.

It is anticipated that the bulk of the future funding would be sourced from the near-term production at Pickstone. ACR last week reported a loss of $1,7 million in the six months to September 30 2011 – BullionStreet

Tags: African Consolidated Resources, Gold, Gold mining, Gold mining companies, Gold mining industry

Posted by admin on Dec 20 2011. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry