China National Gold Group Corporation (China Gold) has won the exploration right at a bid price of 2.18 billion yuan for a big gold deposit in northwestern China's Gansu Province.

        According to an announcement published by Ministry of Finance, China Gold co-established a company of limited liability with the local Jinchuan Group, a large non-ferrous metallurgical and chemical engineering enterprise, to explore the gold deposit. China Gold will hold 60 percent stake in the new company.

        The gold deposit is located in Wenxian County of Gansu, discovered last year with 308 tons of proven gold resource. It is the largest Carlin-type gold deposit in Asia.

        Experts predicted that the resource scale of the gold deposit will reach 500 tons in a long-term's view.

        The potential economic value of the gold deposit's proven resource is to reach 50 billion yuan.

        It is leant that 10,000 tons of gold ore will be processed each day after exploration of the deposit is kicked off. The annual gold output will total about 10 tons, with production value at around 1.6 billion yuan.