Bangalore, Aug 31: Australian exploration major, Australian Indian Resources (AIR) group is all set to discover gold deposits in the under-explored gold rich terrains of the country, especially Karnataka. It was in advanced stages of detailed exploration activities in North Hutti, South Hutti and Mangalore in Karnataka and Ramgiri in Andhra Pradesh, a top official said.
Besides these four regions, AIR was also looking at Dharwad-Shimoga, Sonadehi-Gurpher in Chhattisgarh and Kolari in Eastern Madhya Pradesh as "very good gold values" have been assayed from the samples obtained from these areas, informed Sandeep Lakhwara, Managing Director of AIR.
The company had already invested Rs 10 crore on exploration activities in various parts of the country and plans to invest Rs 30 crore in the next three years to "develop other prospects", he said.
AIR, promoters of Deccan Gold Mines Limited (DGML) and the first private sector gold exploration company to be listed on the Bombay Stock Exchange, is simultaneously undertaking prospecting activities in seven states comprising Mahrashtra, Andhra Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttar Pradesh and Tamil Nadu, he said.
The company chose India as peninsular India and Western Australia share a close geological relationship. The two land masses were adjacent to each other more than 200 million years ago. Yet India produces only two tonnes of gold a year while Australia produces 280 tonnes of gold per annum, he said.
The reason for lower production in India was there was only one company, Hutti Gold Mines involved in mining, Lakhwara said. Bureau Report