Firm says gold deposit discovered in Mondolkiri

Renaissance Minerals announced Friday it has discovered a high-grade gold deposit in an area in Mondolkiri province that lies within the Australian firm’s Cambodian Gold Project. The new find is located about 500 meters to the northeast of the company’s Okvau exploration zone. The announcement comes after the firm has already confirmed the existence of a 729,000-ounce resource in the area. In a statement the company said the latest round of drilling was “undertaken to test anomalous gold in soils that extends for over 500 meters.” … Renaissance Minerals purchased the exploration rights at Okvau from OZ Minerals, another Australian miner, for $19.2 million in February. As part of the deal, OZ Minerals also purchased $5.4 million worth of shares in Renaissance Minerals, making it the company’s largest shareholder.