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Sumitomo Metal Mining identified new gold deposit
- Created on Friday, 11 May 2012 17:25
Sumitomo Metal Mining has identified a new gold deposit, named the “East Deep” deposit, 300 m northeast of the Liese deposit that is currently being mined at its Pogo mine in eastern Alaska. At year-end 2011, the new deposit contained approximately 1.28 million oz of gold in resources and reserves.
Development of access drives will begin this year to accelerate a start of production at the East Deep deposit, and drilling during 2012 will continue to explore the extent of the deposit, which is open in the northeast, north, and west and holds potential for discovery of additional ore.
At year-end 2011, total estimated Pogo resources and reserves, including the East Deep deposit, stood at 12.3 million mt at an average gold grade of 12.5 g/mt and containing 4.97 million oz of gold.
The Pogo mine is owned 85% by Sumitomo Metal Mining and 15% by Sumitomo Corp.