Vangold
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