9 Feb 2005

Gold glitter in PNG

11:14 am on 9 February 2005

Preliminary studies show that a proposed gold mine in Papua New Guinea's Milne Bay Province could earn almost 12 million US dollars a year, if it goes ahead.

Australian company, Gold Aura Limited, said on their website that they had completed pre-feasibility studies over the Fergusson Island gold project.

They said they would continue to carry out studies this year to consider developing the mine on the island.

The managing director of Gold Aura, Rod Murdoch, said so far the studies indicated that a profitable mining operation could be established using readily available resources, subject to costings.