Michelago Limited is looking to expand its gold interests in China to deliver production of 140,000 ounces per annum within two years. The company signed a non-binding Letter of Intent to purchase a 40 percent interest in Shandong Tarzan BioGold Co Ltd (BioGold). BioGold produces around 300,000 ozpa from significant interests in processing plants, a gold smelter and a gold refinery in Shandong Province in the country's north. The signing follows Michelago's first foray into China earlier this year when it acquired a 60 percent interest in the existing 40,000 ozpa Jinya gold project in the Guangxi Province in China's south.
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