Dr. Quinton Hennigh On Novo Resources Lucrative Gold Mines in Australia
Dr. Quinton Hennigh, CEO and Director of Novo Resources speaks on the profitability of gold mining in Australia.
Low operation costs and capital expenditure not rising has allowed gold mining to be lucrative in Australia for Novo Resources.
According to Dr. Quinton Hennigh, CEO and Director of Novo Resources discussed the company’s projects in Western Australia.
“We have two exceptional properties, Beatons Creek and Blue Spec. Beatons Creek is an advanced project that we’re moving towards development,” Dr. Hennigh said. “Blue Spec is very nearby. It’s a very high quality, high grade asset that we anticipate exploring through the cash flow from Beatons Creek.”
According to the CEO, Beatons Creek is unique since the mining is simple and low on cost.
“This is free digging and it’s very cost effective. Processing will also be very cost effective. Recovery rates on the gold should be high. So we’re looking at a project that albeit somewhat small in terms of production could be very high margin.”
According to Dr. Hennigh, with the low Australian Dollar the price of Australian gold has risen to around $1,600.
The Vancouver based company has earned a land package of about 12,000km2. The company also holds a 70% interest in a number of tenements in the Marble Bar region of Western Australia.
More articles from BTV on Novo Resources here
For more information on Novo Resources Corporation (NVO.V), please fill out the form below.