It’s hard to imagine a more classic representative of Africa, once called the mysterious continent, than Tanzania. Located on Africa’s southeast shore of the Indian Ocean, Tanzania is the home of Mount Kilimanjaro and Lake Victoria, the long sought source of the Nile River. The country has long been known for magnificent scenery and for having one of the largest concentrations of wild animals in the world, but it is now becoming known for something else. Tanzania is one of the world’s fastest emerging gold producers, and is already the third largest producer of gold in all of Africa.
For Earth Dragon Resources, Tanzania represents a potential production of as much as one metric ton of gold every year, through a joint venture project with Chisu Gold Mines Ltd. The company is now undertaking detailed evaluation and development of a gold prospect at Chisu, consisting of a contiguous area encompassing gold deposits straddling southwest and eastern Tanzania.
The prospects are within the Chunya mining district, where gold has been mined since 1922. Overall, Tanzania has proven gold reserves in excess of 1,000 tons, and XRF analyses of Chisu rock samples so far have indicated gold mineralization in almost all quartz veins sampled.
In addition to rich gold resources, Tanzania has a favorable attitude toward foreign investment, with government steps to improve the business climate, such as redrawing tax codes, floating the exchange rate, licensing foreign banks, and creating an investment promotion to reduce red tape. It is expected that, within 5-7 years, the operation will be one of the leading gold producers in East Africa, turning out as much as 35,000 troy ounces of gold annually.
For more information, visit the company’s website at www.EarthDragonGold.com
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