26 Jul 2007

PNG Simberi gold project on track

7:59 am on 26 July 2007

The Simberi gold project in Papua New Guinea's New Ireland Province is on track for its first gold production in October.

Operator and 100 percent owner Allied Gold said in a statement that the company had spent 53-point 94 million US dollars and committed 63-point-40 million US to the project.

This represents 68 per cent and 80 per cent respectively of the total capital expenditure budget.

The company told the Post Courier that exploration drilling is set to start in the September quarter.