A subsidiary of global asset company Astra Resources has made the second last payment for acquisition of Nam Hai Mineral Joint Stock Company’s Ratanikiri gold mine in Cambodia. The mine is in the 220sqkm Ratanikiri exploration licence in the north-eastern Ouyadav district.

Astra Ratana says a new gold province is beginning to emerge associated with an IRGS across the northern part of Cambodia, where the Ratanakiri gold project is located.

Encouraging results from other explorers in terms of recent gold discoveries indicate significant gold deposits in the region. A trend of gold occurrences and artisanal mining centres follows a west/north west structurally controlled trend spanning Cambodia. This includes the 605,000 ounce resource announced at Okvau in 2010.

Geoscience Australia estimated the gold deposit to be 3 million ounces for the intrusion system. Drilling is to be completed to confirm estimates.

“Potential also exists for a quick, modest, cashflow from alluvial-placer gold deposits on the project site derived from this mineralization. The project site is close to the Vietnam border and an inexpensive supply of electricity. Office, workforce and mine camps have already been established on the site. It is estimated that production costs should average approximately $550 per ounce,” says Astra’s managing director Silvanna De Cianni.

An exploration licence issued in October 2010 by the Cambodian Ministry of Industry, Mines and Energy covers the project site. The project is subject to final due diligence.