Renaissance Minerals Moves Forward with Okvau Mine in Cambodia

Australian-based mining company Renaissance Minerals has announced that it is started further exploration at the Okvau gold deposit in the Mondolkiri province of Cambodia.

The company raised $6 million for ore testing at multiple target areas.

Renaissance has a 100% ownership in the 1,100 sq-km Cambodian Gold Project and has just started the next phase of exploration at the Okvau site, the largest ever undertaken by the mining company.

Renaissance purchased the Mondolkiri gold mine in 2012 from the Australian mining company OZ Minerals for $19.2 million. When the mine was sold, OZ Minerals stated the reason for the offer was due to a lack of gold discovered combined with a renewed focus on copper mining in other locations.

Mondolkiri is considered to be one of the most promising locations in Cambodia but Renaissance has yet to extract any gold from the province.

The managing director for Renaissance, Justin Tremain said that the size and number of Cambodia's gold deposits are still largely unknown during a panel discussion with extractive industries at the Intercontinental Hotel in Phnom Phen.

“Cambodia is completely unexplored. The geology of Cambodia…is very promising, but…there has been no exploration undertaken in the country for historical reasons,” Tremain said.