Gold and copper miner Oz Minerals Ltd
(ASX:OZL) says it has found an inferred resource of 605,000 ounces at its Cambodian gold project.
The discovery has encouraged the company to continue exploration in the region, which is its only advanced exploration project outside of its core operation at South Australia’s Prominent Hill copper and gold mine.
Oz Minerals was forced to sell-off nearly all of its key assets last year to dig itself out of debt, leaving it with Prominent Hill as its only producing mine and about $1.08 billion in cash.
But the company has bounced back with its Cambodian project.
The initial inferred resource at the mine is for 8.1 million tonnes at 2.3 grams per tonne for 605,000 ounces of gold.
The company says it considers the discovery as a foundation asset from which to build its resource base.
It believes the next phase of exploration in Cambodia will be a clear indicator of the potential for over two million ounces of gold in the region.
Oz Minerals posted a loss of $517.3 million for the 2009 calendar year.
