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Miner calls gold, silver drill tests 'significant'

Miner calls gold, silver drill tests 'significant'

AUSTRALIAN mining firm Southern Gold announced Wednesday “significant” gold and silver mineralisation in results from the first drill of the 2009-2010 season at its Anchor prospect in Snoul, Kratie province.

Results from a further six “eagerly anticipated” test drills at the site are due by April at the latest, added a statement by the Adelaide-based miner, which fully owns the concession.

“Southern Gold’s work at Anchor is part of the company’s aggressive exploration programme under way in Cambodia during the 2009-2010 field season,” it added.

With phase 1 of drilling in the prospect completed, the firm said it would begin phase 2 next month.

“Both drill phases are designed to target the source of [a] significant gold trench,” Wednesday's announcement added.

Southern Gold’s stock rose 4.76 percent at the close of Sydney trading following the announcement to A$0.11 (US$0.10) after hitting A$0.15, its highest value since February 23.

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