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Large gold mine with 550 ton reserve found in E China
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A world-class gold mine with estimated reserves of 550 tons has been founded in eastern China's Shandong Province.
The newly-found gold deposit named Xiling is located in the Laizhou-Zhaoyuan region, said Shandong Gold Group Tuesday, adding that about 382 tons of gold reserves had been detected so far.
By 2019, a total of 550 tons of gold reserves are expected to be exploited in the deposit, worth more than 150 billion yuan (about US$22 billion).
The Laizhou-Zhaoyuan region is one of the largest gold production areas in China. The gold reserve and output in the region ranks first in the country.
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