Opening of Chinese-Aussie gold mine shows solid partnership(2)

In standing with the company's strategy to increase production and gold resources at the same time as trimming operating costs, the Australian unit of China's biggest gold producer, has indicated strong interest in three Barrick Gold Corp mines, reflecting strong confidence in the gold's prospects despite a recent drop in prices.

The base load Enterprise mine comes online as a further investment of 38 million AU dollars ramps up Norton's transition to an owner operator model providing the gold producer with a new fleet including Hitache 3600's and Caterpillar earthmovers which will be utilized at Enterprise.

Norton's 2013 capital spending requirements at the 3.3 million ton per annum Paddington operation has been backed with a galvanizing 105 million U.S. dollars Zijin credit facility, capital commitment "and set up growth for this area for many years to come."

Norton is now positioned to fund ongoing exploration programs and to explore further acquisition opportunities. Norton last month indicated its intention to acquire smaller rival Kalgoorlie Mining Co. for up to 14.9 million AU dollars.

The KMC plunge reflects Norton's CEO Chen Dianming's vision of becoming a globally recognized gold producer.

"Our recent takeover offer for KMC supports our vision to be a leading, long-term gold producer in Western Australia and part of our growth efficiency strategy. We remain focused on reducing operating costs and increasing our production," Dr. Chen said.