Otjikoto gold resources increase - Saturday 28th July 2007

The Otjikoto gold project in Namibia continues to surprise, with more gold zones being discovered by owner Teal Exploration and Mining.

Inferred gold resources at the site have increased from 1.3 million ounces to 1.76 million, following the identification of a further 460,000 ounces of the precious metal.

This increase relates mainly to the intersection of extensions to the vein system in the southern and eastern areas of Otjikoto, and the total resources equate to around 44 million tonnes of grade 1.246 grams per tonne.

Over the medium term, the company's management believes that drilling projects will increase the resources still further.

The precious metal occurs within mainly pyrrhotite-magnetite-pyrite-carbonate veins as often coarse gold.

Teal chief executive Rick Menell sees Otjikoto as a terrific opportunity and he wants to sell ten per cent to local BEE investors, Mineweb reports.

He told Wallstreetreporter.com radio: "The project may turn into a mine at the end of the year."
Goldbug, 28 Jul '07

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