Multi-billion dollar gold find in Fiji

FIND: Details of a major gold find in Fiji are expected to be revealed overnight

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Fiji's only gold producer is expected to announce tonight it has found new "world class size" gold deposits.

The London AIM listed Vatukoula Gold Mines PLC (VGM) said it would announce the find when trading began Monday.

A preliminary resource estimate published last week suggested the find holds US$3 billion (NZ$4.2 billion) worth of gold.

The Vatukoula mine is the middle of Fiji's main island of Viti Levu.

Operating since 1934 it was closed in December 2006 - the day of Commodore Voreqe Bainimarama's military coup - with South African headquartered owners Emperor Mines Ltd saying it was uneconomic.

Most of mine staff were laid off and it went through several new owners until taken over by VGM whose major owners are Canadian Zinc Corporation and Sprott Assett Management Inc.

VGM's share price has recently soared on speculation of a major gold find.

- © Fairfax NZ News