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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (56078)	11/17/2004 6:04:45 PM
From: RealMuLan	Read Replies (2) \| Respond to of 74559

Canada's Mundoro Says It Will Raise Gold Estimate at China Mine Nov. 17 (Bloomberg) -- Mundoro Mining Inc. will probably raise estimates for gold deposits at the Maoling project in the northern Chinese province of Liaoning within a month, said President & CEO Colin H. McAleenan. The Vancouver-based company is developing the so-called zone 1 and Zone 4 deposits at the mine with the local government. The combined reserves are estimated at 5.5 million ounces, said McAleenan. Gold price rose to a 16-year high of $440.35 an ounce in London this week. ``We will be updating the deposit for zone 1 (at Maoling) in a month or so because we still have a lots of work to do with zone 4,'' said Colin McAleenan in an interview in Beijing at the China Mining 2004 Conference. He declined to give the new forecast. Placer Dome Inc., Canada's second-largest gold producer, and other overseas gold miners have said they may invest in gold exploration in China. The country, the world's fastest growing major economy, has said it will open up investment to overseas miners in line with World Trade Organization rules. bloomberg.com