PRLog (Press Release) –
Apr 16, 2008 – For Gold has the capacity to grow its gold output through exploration in a high gold price environment - with attributable production scheduled to reach 600 000 ounces per year by 2011 - at a time when industry output is declining.
The company's Driefontein complex in South Africa, currently producing from two open-pit mines, is being expanded through the re-development of their underground mine at Tau Tona in Carletonville, which is now one of the deepest in the world at a depth of 3,900 meters.
"Certainly ForGold are going to have to work very hard to contain the impact of costs, which we estimate will rise between 10% and 15% in 2008, depending on the oil price and currency fluctuations. Even so, we are soundly positioned to do well under all realistically foreseeable scenarios. And our strategy remains unchanged: we continue to build our business through discovery and development, while also hunting those rare external opportunities of real quality, with the objective of creating long term value," Simon Pervis at ForGold says.
