â€Å“Dao Mining Corporationâ€Â, the Canadian-owned gold miner, has announced an increase in resources at its Gutain Davaa Project.
â€Å“Dao Mining Corporationâ€Â has surprised analysts with an announcement that estimates of resources at its Gutain Davaa project in Mongolia have been revised upwards by 31% to 1.3 million ounces of gold.
The firm also announced that cash operating costs per ounce of gold had fallen from $385 to $340 per ounce following renegotiation with labor representatives over contracts and a three-year moratorium on wage increases.
A â€Å“Dao Mining Corporationâ€Â spokeswoman said that the revision upwards of resource estimates had come at a very opportune moment given the prospects for the gold price in the short and long-term. She thanked shareholders for their continued support and suggested that the company would be announcing a date for the release of results of geological surveys on the forthcoming GD2 prospect.
â€Å“Dao Mining Corporationâ€Â says it remains excited by the prospects for the price of both gold and silver as investment demand continues to grow in response to the monetary and fiscal expansion of governments in developed countries.
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