Miner hopes to strike gold in Asia

SYDNEY (AFP): Australian gold miner Placer Pacific has targeted Asia as the potential source for a major discovery, managing director Lawrie Reinertson said yesterday.

"Limited modern mineral exploration has been conducted in the Asiatic region and consequently we consider the potential for major discoveries to be high," Reinertson told shareholders at the company's annual general meeting.

Exploration activities in the region would be undertaken in its own right, or with partners, and the first areas for assessment would be Indonesia, the Philippines and China.

Reinertson said the company had completed an economic evaluation for mining and processing 100,000 tons of ore per day at the Namosi copper and gold project in Fiji.

"Namosi has the potential to become a major, long-life mining project and fits well with the Asian strategy," he said. Placer intended to spend A$22.5 million (US$16 million) on exploration in 1994, with A$4 million earmarked for Asia.

Reinertson told shareholders the company was debt-free and well-positioned to take advantage of future opportunities after announcing first quarter net earnings of A$20.8 million, up from A$19.3 million in the previous corresponding period.

Placer Pacific shares closed at A$2.70, five cents above Thursday's finish.