forecasts strong revenue
WITH mineral projects in Papua New Guinea, Canada and Uganda now in advanced stages, Vangold Resources Ltd expects to generate steady increases in revenues this year.
Vangold enjoys healthy revenues from its oil and gas projects.
Drilling is ongoing at Killam North Oil Field in Alberta, with current production averaging 900 barrels per day.
There are other upcoming programmes in Alberta focused on Sarcee (field potential 100 BCF gas) and Rocky Mountain House Deep Gas Basin (in close proximity to Shells trillion cubic feet pool of natural gas).
Among its six gold properties in PNG, Mt Penck in West New Britain will commence drilling early this year.
This project had been compared to Nevadas nine million ounces Round Mountain Gold Mine. Mt Penck is owned by Vangold (40%) and New Guinea Gold (60%).
The initial inferred resource at Kavola East is 1.5 million tonnes at 2.9g/t gold for 140,000 ozs of contained gold.
A diamond drill rig (jointly owned by Vangold and NGG) was scheduled to arrive last month.
Drilling activities for the whole year will start this month.
Vangold also had licences covering 60sqkm in Ugandas Kilembe copper/cobalt belt.
Revenues generated from Vangolds oil and gas properties in Alberta and California will fund gold exploration efforts in PNG and copper projects in Uganda, Vangolds Investor Relations Robin Moriarty said yesterday.
It was the intent of the company to drill continuously for 12 months at Mt Penck, Mr Moriarty said.
The national On-Line Edition Januaary 7, 2006 Business Page