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Harmony Gold, White Rivers announce new gold resource in South Africa

Sep. 08, 2016 11:57 AM ETHarmony Gold Mining Company Limited (HMY) StockHMYBy: Carl Surran, SA News Editor
  • Harmony Gold (HMY -2.6%) and White Rivers Exploration say they found a major gold deposit in South Africa’s Free State that could lead to one of the country’s first new mines for the metal in the last 25 years.
  • White Rivers says the resource contains 11.5M oz. of gold at a grade of 8.9 g/ton of ore, and mining would take place below ground next to HMY’s Target mine; the project is 65% owned by White Rivers and 35% by HMY.
  • The companies plan to conduct a full pre-feasibility study to examine the economic merits of the project, which would be one of the first new gold mines to open in South Africa’s Witwatersrand Basin since the South Deep mine began in 1990.

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