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New mining technology uncovering Mongolian gold: Ivanhoe CEO
By resourceINTEL · September 16, 2009 · 9:05 am · Leave a Comment
DENVER — Mine engineers using technology that can identify ore bodies more than 3,000 meters (10,000 feet) underground have discovered new gold and copper deposits below Mongolia’s Gobi desert, Ivanhoe Mines Chairman Robert Friedland said Tuesday.
Ivanhoe is using the proprietary “Zeus” technology — which measures electrical conductivity to locate mineral deposits — along a 20-km (12-mile) stretch near Ivanhoe’s Oyu Tolgoi copper-gold project, he told the Denver Gold Forum industry gathering.
Meanwhile, Ivanhoe is awaiting final approval by the Mongolian government, of Oyu Tolgoi, after the country’s parliament recently approved mining law changes that removed most remaining hurdles for its start-up operations.
Mr. Friedland said he was not involved in negotiations going on with the government and could not speak further about the project, one of the world’s largest gold deposits, containing at least 46 million ounces.
But the Ivanhoe chief did speak about new discoveries in the area some 50 miles (80 km) from the border with China.
“Recently we found a new deposit, called Heruga, which is a 13 million-ounce gold deposit in its own right, with about 16 billion pounds of copper equivalent,” Friedland said…read more at the Financial Post
