Peninsular Gold enjoys production boost and secures two new licences
17 November 2009
Malaysian based gold producer Peninsular Gold today said that production from its Raub mine was progressing well since gold was first poured there back in February this year.
Gold production to the end of June 2009 was 5,423 troy ounces and from July to the end of October was 5,575 ounces. October production was up to approximately 1,520 ounces and is expected to increase as the operation steadily ramps up its throughput.
Peninsular is working on upgrading the Raub plant from its current capacity of 1.1 million tons per annum to 2.0 million tons and this is on schedule to be completed by the fourth quarter of 2010.
Elsewhere, the group has received approval for two of its applications for new tenements, which are located along the same major gold trend as the Raub and Tersang deposits. The two sites include a 342 hectare area at Sungai Tersang, Mukim Batu Talam in the Raub district and a 2,100 hectare area in the Bukit Kajang area, also in the Raub district.
Peninsular said the granting of the licenses was an important step in its ambition to discover a minimum of 5 million ounces of gold in Malaysia.
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