Gold Fields strikes more gold in Mali

Bamako, Mali — MININGREVIEW.COM — 31 May 2010 – South African-based Gold Fields Limited “’ Africa’s second- biggest producer of the precious metal “’ has found at least 1.25 million ounces of gold at its Komana prospect in the West African country of Mali.

Mali mines ministry head of geology Lassana Goita told Reuters in an interview that reports received from the company, and assessments and monitoring carried out by the National Office of Geology and Mining, had proved that there was significant potential for at least 1.25 million ounces of gold.

Meanwhile a Gold Fields official confirmed that studies of the Komana property were ongoing and that additional reserve details were likely by the end of the year. “Our early indications are 1.25 million ounces, but we are still early on in the process,” said Sven Lunsche.

Gold Fields “’ which is the world’s No. 4 gold producer “’ has said that it hopes the Komana project will help it boost its West African output from the current 800 000 oz  to 1Mozpa by 2015. “We are confident that the whole district of which Komana is a part is a potentially very prosperous gold reserve,” Lunsche explained.

Mali relies on gold for about 70% of its export revenues.