Aussie company to dig for gold south of Kawerau
9 May 2014
A new gold explorer has been welcomed into New Zealand, with Epithermal Gold being granted a five year permit.
The exploration permit covers 33 square kilometres on the central North Island volcanic plateau, south of Kawerau, and was awarded to Silver City NZ as a result of the Epithermal Gold 2013 tender.
Energy and Resources Minister Simon Bridges says Silver City is an experienced precious metals exploration company from Australia and will be investing at least $1.25 million exploring in the central North Island over the next five years.
“This project has the real potential to create jobs, and benefit the local and national economy over the longer term,” Mr Bridges says.
The minister says it is a great result to see a new entrant come into the market at a time when “the price of gold and other mineral commodities is low, investors are understandably risk averse, and companies are tightening up their existing operations”.
Six permits have been awarded over the past year and a number of applications have been received on the South Island platinum tender. Those bids are currently being assessed and the results are expected to be announced later this year, Mr Bridges says.
“This exposure has stimulated further local and international interest in minerals, and the outlook is very promising.”