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OZ restarts drilling at Cambodia concession

OZ restarts drilling at Cambodia concession

OZ Minerals said Tuesday that it had restarted drilling in its main Cambodian concession and noted it was confident of a "promising" gold system in western Mondulkiri province.

In a report announcing second-quarter results, the Australian miner - which in June completed the US$1.35 billion sale of a number of mines to China Minmetals Non-Ferrous Metals Co to pay off outstanding debts - said it recommenced drilling at several prospects in and around its main Cambodian concession at Okvau last month.

Victoria, Australia-based OZ Minerals was also currently interpreting soil sampling results from its nearby Phnom Chi concession, the report added.

In addition, the company is exploring at Ou Anlong, also in northeast Cambodia's Mondulkiri province.

"We have now done a reasonable amount of work [in Cambodia], and I think it is fair to say we have done enough work now to believe that there may well be a gold system there that is of interest to OZ Minerals," acting Chief Executive Bruce Loveday told journalists Tuesday at a press conference announcing second-quarter results, the Australian Associated Press reported.

The report said high-grade samples at OZ Minerals' Area 6 prospect, also in the Okvau concession, had yielded up to 14.75 grams per tical in gold.

A company presentation Tuesday said that the company would spend 17 percent of its A$28 million (US$22.78 million) second-half exploration budget in Cambodia, or about $4.76 million.

"Work programmes, including mapping, sampling and geophysics, continued to generate new drill targets," Tuesday's report said.
Company shares fell 0.49 percent on the Australian Securities Exchange on Tuesday to finish at A$1.015.

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