01/10/2008
Malaysia-focused Peninsular Gold says the treatment plant at its Raub project is ready to handle 25,000 oz of gold annually.
The AIM-quoted company, headed by major shareholder Dato Sri Andrew Kam, explains the carbon-in-leach plant at Raub in the state of Pahang will initially process some eight million tonnes of tailings from earlier mining, estimated to hold around 202,000 oz of gold. Later, says Kam, Peninsular plans to start exploiting Raub’s un-mined oxide gold resources and then ‘delineate further resources at depth’.
At present, the company is concentrating on Raub, which it intends to yield cash flow for other projects. Prominent among these is Tersang, where Peninsular has so far identified a 500,000-oz potential gold resource and hopes there could be as much as five million oz.
At 34p, Peninsular shares have all but halved since late 2005. If production and cash flow are now imminent, albeit on a fairly modest scale, that might encourage a reappraisal, overall stock market conditions permitting.
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