Mupane Gold budgets P25 million for exploration :: Mmegi Online

The country's sole gold miner, Mupane Gold Mine, has budgeted U$3.4 million (P25.2 million) for the exploration of new gold-bearing resource areas this year, in order to add to the venture's limited lifespan.

By 2010, Mupane Gold's former owners, IAMGOLD, expected to shut down operations by 2015 owing to a depletion in economically recoverable resources. However, the mine's new owners, Galane Gold have embarked on an aggressive exploration programme since taking over last August.

Earlier this week, the Canada-headquartered company announced a comprehensive exploration programme comprising 16,000 metres of drilling near the existing mine and in other prospecting areas this year. Part of this US$3.4 million programme will include US$1.52 million in exploration activities focused on Jim's Luck, an area stretching between five and seven kilometres that has become Galane's prime exploration target.

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Mupane Gold budgets P25 million for exploration

The country's sole gold miner, Mupane Gold Mine, has budgeted U$3.4 million (P25.2 million) for the exploration of new gold-bearing resource areas this year, in order to add to the venture's limited lifespan.

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