The company said it was investing $11 million in exploration Tanzania and about $5 million in Botswana to exploit the potential at the largely unexplored region Buckreef and Mupana.
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"Our long time goal is to is to fully develop our exploration assets. We have over 7,000 square kilometers of prospective greenstone area with some exciting exploration results to date; we want to develop that exploration ground and turn it into mines with real value and long term mine life" Hamish Bohannan, managing Director of Gallery said.
Mine construction at Buckreef in Tanzania was set to commence by mid 2006 and gold production would start 12 months after that.
Gallery gold mine in Tanzania will bring the number of large scale gold mines to 7. The mine is expected to produce up to 140,000 troy ounces of gold when it begins production.
-By Nicholas Bariyo, Dow Jones Newswires, 256-75-624615;[email protected]
(MORE TO FOLLOW) Dow Jones Newswires
October 14, 2005 09:42 ET
Copyright (c) 2005 Dow Jones & Company, Inc.
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