A Canadian mining company believes there are more than 3 million ounces of gold at a historic mine it’s working to revive near Kershaw.
If Romarco Minerals’ estimates about the amount of gold still in the Haile Gold Mine, it would be worth more than $5 billion at current gold prices.
Toronto-based Romarco reopened the Haile Mine, originally established in 1837, earlier this year and expects to pour its first gold bar there in early 2014, Chief Executive Diane Garrett told Reuters this week.
Once environmental impact studies and permits are complete, Haile will be the only modern gold mine east of the Mississippi River, Garrett said, and the first since the Kennecott Minerals mine closed in nearby Ridgeway, in 1999.
Based on the proven gold reserves found in samples, the Toronto company estimates it has 3.1 million ounces of gold at Haile. The mine will produce an average of 150,000 ounces of gold a year for five years, according to its website, the wire service reported.