Gold News

Gold price surge prompts mining frenzy

Mining firms have upped their gold prospecting activity following the recent spike in gold prices, according to reports.

The rise in prices - propelled by investors seeing gold investment as a safe haven - has caused some companies to step up their searches for new deposits and even return to old mines, the Arizona Republic reports.

Western Arizona in particular is becoming the focus of much new interest from mining companies looking to capitalise on the bullish gold market, according to the newspaper.

Canada-based American Bonanza Gold said it had found a new 40,000-ounce deposit in the area, with other nearby discoveries yet to be evaluated.

However, whether all of these mining firms will be just as successful remains to be seen - a recent report from consultancy GFMS said that global gold mine output dropped by one per cent last year.

While this may not seem like a large figure, a number of countries - particularly Peru and South Africa - experienced double-digit declines in gold production, the publication revealed.

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