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Soaring gold price could save NT mining operation
Posted Sat Sep 20, 2008 7:40am AEST
Map: Pine Creek 0847
The administrators of a Northern Territory-based gold mining operation say the higher gold price could help GBS get back on its feet.
GBS Gold went into administration this week because production costs at its mines near Pine Creek have soared.
Uncertainty in the credit markets saw the price of gold reach its highest one-day gain in history this week.
Spokesperson Darren Weaver says they will be watching the price of gold closely.
"Whenever my firm is involved in gold assignments we're always monitoring the gold price because it has such a big impact on the outcome of these assignments," he said.
read this guysSoaring gold price could save NT mining...
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