n.t news article

Gold fever back
By KAREN MICHELMORE
October 31, 2003

Eureka! They've struck gold in one of Australia's oldest mining towns.

Tennant Creek has been a remote mining town without a working mine since the last of the big operators packed up and left four years ago.

But now Tennant Creek, home to Australia's last great gold rush in the 1930s, could once again be on the verge of a mini gold boom.

Local company Giants Reef yesterday officially opened its high grade Chariot gold project, with the first gold poured expected to bring new life to the former boom town.

In all, a total of 60,000 ounces of gold will be processed each year _ equal in size to about 150 solid gold house bricks, or $33 million a year, said Giants Reef, which is listed on the Australian Stock Exchange.

``It's really great to see it (Tennant Creek) starting to boom again after this slump period,'' longtime local mineworker Justin Hankinson said.

``This is a huge day, a lot of people are really aware this is a milestone that we are now a gold-producing town again.''

Tennant Creek mayor Paul Ruger said: ``The last 60, 70 years we have had three, four, five mines operating, employing about 600 people.

``Since they closed four years ago it's been very quiet. It's really affected the economy.''

The Chariot mine will employ about 70 locals over its three to four year life.

Giants Reef chief executive officer Joe Ariti was hopeful more gold would be discovered.

``We have got an exploration program which is currently active, we've already had a discovery west of Chariot,'' he said.

Northern Territory News