The gold field, "the largest undeveloped known gold resource in China"
Australian gold producer Sino Gold has received a government approval for the development of its 82%-owned Jinfeng field in the Guizhou province, China.
The gold field, ?the largest undeveloped known gold resource in China,? according to Sino Gold, is believed to contain at least 2.1 million ounces of gold.
Guizhou Lannigou Gold Mine Ltd., a unit of state-owned China National Gold Corp., holds the remaining minority share in the project.
Sino Gold plans to obtain a mining license from the Chinese authorities and start site development by the end of the first quarter.
The company hopes to have the mine running by mid-2006, with a ramp-up to produce some 180,000 ounces of gold annually by year-end.