Aurora develops RI project

Aurora develops RI project

PERTH (Dow Jones): Australian gold mining concern Aurora Gold Ltd. is closer to developing its Toka Tindung project in north Sulawesi, Indonesia, after studies showed that 150,000 ounces of gold can be produced annually at a cash cost of less than US$200 an ounce.

A final go ahead for the project is conditional upon receipt of Indonesian government approvals, confirmation of debt funding on suitable terms and the delineation of a 750,000 ounce gold reserve.

At the end of June, Aurora assessed the reserves at 660,000 contained gold ounces, or 4.9 million metric tons of ore grading 4.01 grams of gold per ton and 12 grams of silver per ton.

It is anticipated that the various approvals will be in place during the fourth quarter of calendar 1998, "clearing the way for the final development approval," said Ian Burston, Aurora's Managing Director.