Sydney, Nov 2, 2005 AEST (ABN Newswire) - Pan Australian Resources (ASX: PNA) Ltd has poured its first gold from the Phi Bia mine in Laos.
Company officials said the production is set to progressively increase over the next few months and that the company and is poised for an optimal inventory of ore for irrigating and leaching.
The company estimates that there is currently over 125,000 tonnes of gold bearing ore at 1.6 g/t making the recoverable gold valued at over $AUD3.5 Million.
The mine is now consistently processing over 4,000 tonnes of agglomerated ore per day, exceeding the initial annual target rate.
Managing director Gary Stafford stated that this would allow Pan Australian next year to produce in excess of 60,000oz of gold at the scheduled grades.
Contact
Gary Stafford
Managing Director
+61 7 3878 9299
Joe Walsh
General Manager - Corporate Development
+61 7 3878 9299
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