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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (59879)	6/2/2010 8:41:47 AM
From: LoneClone	Read Replies (1) of 193209

Gold mine resurgence brings benefits to town Wednesday June 2, 2010, 1:25 pm au.biz.yahoo.com Pine Creek residents say the community is reaping the benefits of solid production out of nearby gold mines. The mining town has battled the highs and lows of the industry after GBS Gold went bust in 2008. Crocodile Gold took over last year and is now producing from a mill mothballed under the previous owner. Local councillor Ray Wooldridge says it is good to see the company is sustaining the mining town once again. "Put it this way: everybody that wants a job has got a job and there are not too many people unemployed in town," he said. "So if it's not working directly for the mine, it's certainly working for the contractors who are supplying services to the mine." Crocodile Gold chief executive Mike Hoffman says it is now employing 300 people, including contractors, in the region. Mr Hoffman says progress is also being made at a gold mine between Pine Creek and Adelaide River. "Basically we're moving forward and hoping to produce 100,000 ounces this year and looking to expand to 200,000 ounces next year," he said. "We've had some great exploration success and we just hit a milestone where we started developments on our Cosmo Deep underground mine [on] June 1 and took the first portal blast. "And we hope to have that going into production mid next year."

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