Iran discovers new gold reserves in West Azerbaijan province

Business Materials 11 August 2011 13:47 (UTC +04:00)

Azerbaijan , Baku, August11 /Trend/

New gold reserves have been discovered in Tikab (Tikantepe) city places in West Azerbaijan province during exploratory operations, Mehr News Agency reported, quoting the Deputy of Mining and Mineral Exploration Akbar Taheri.

"The volume of new gold reserves will be issued after exploratory operations by the end of the current solar year, (started on March 20, 2011)", he said.

Currently the discovery of gold reserve includes 4 million tons of proven reserves, with 7 million tons of new gold reserves predicted.

The mine's annual extraction will be 3,600 kilograms of gold ingot and more than 1,000 kilograms of silver.

The gold reserve of the province is estimate to more than 100 tons, ranking first in country's gold reserves and production.