Mine Details
Crater mountain
http://www.cratergold.com.au
gold,
Phone:
Address:
PNG,
State: PNG,
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The Crater Mountain underground gold mine in the Eastern Highlands Province of Papua New Guinea, 50 kilometres south west of Goroka, commenced mining at its High Grade Zone (HGZ) deposit in December2014, after being granted a mining lease by the Papua New Guinea government and a compensation agreement being reached between, Crater Gold Mining, the mine owner, and the traditional landowners. The mine's opening makes it the first new gold mine to start production in Papua New Guinea in eight years. The mine is now formally registered with the Mineral Resources Authority of Papua New Guinea.
Crater Mountain Gold Mine Lease Granted for Five Years
The Crater Mountain gold mine lease has been granted for a period of five years with an option to have it extended if necessary. The JORC (Joint Ore Reserves Committee) compliant resource for the Crater Mountain gold mine's HGZ main zone has been stated as being 24 million tonnes of gold bearing ore grading at one gram of gold per tonne giving it a total resource of 790,000 ounces of contained gold. It is expected the mine will produce 100,000 ounces of gold in 2015 at a cost of less than $400 an ounce over the term of the lease. This positions it within the lowest quartile as far as operating costs are concerned. The gold processing plant and gravity concentration circuit had been completed on site prior to the minereceiving the mining lease.Crater Mountain Mine Previously a Tier-1 BHP Asset
The Crater Mountain gold mine that was previously a tier-1 BHP asset, will generate a strong cashflow for Crater Gold Mining that will be used to fund the mine's further development, as well as the company's exploration activities and other assets.Crater Mountain Mine a Watershed Milestone for Crater Gold Mining Limited
The Crater Mountain gold mine reaching the production stage was a watershed milestone for Crater Gold Mining Limited, which was previously known as, Gold Anomaly Limited, a company specifically formed to explore and develop base metal and gold deposits in Australia and Papua New Guinea. Gold Anomaly Limited was established following the acquisition of Anomaly Resources Limited by Gold Aura Limited inlate 2009. The merged company now has a number of potential world class tier-1 projects in both Australia and Papua New Guinea which are in various development stages. The name Crater Gold Mining Limited wasadopted in July 2013.Crater Mountain Previously Mined on a Small Scale by Local People
The High Grade Zone of the Crater Mountain gold mine has experienced a period of recent artisanal (small scale) gold mining where an estimated 15,000 ounces of gold was recovered by local people working shallow underground mines and processing their finds with basic gravity methodsfrom 2005 to 2013.Crater Gold Mining Limited has been developing the High Grade Zone at the Crater Mountain gold mine since August 2013 by creating an underground adit and cross cuts as well as conducting an ongoing drilling program. As a result of this activity ore shoots are known to extend downwards for at least 100 metres from the surface with the possibility they could extend many hundreds of metres deeper.
