Gold, iron ore deposits found in Shandong

Two new gold and iron ore deposits have been discovered in Shandong province in eastern China, state media reported. Government geologists said the gold ore deposit has a proven reserve of 103 metric tons, with an estimated value of more than US$2.92 billion. The gold deposit was found in the southern section of the Jiaojia gold belt in Laizhou City. The area, at the northern edge of the Shandong Peninsula, has become a focus for exploration since China first found gold ore deposits there in the 1970s. Officials also announced a proven deposit of more than 1 billion tons of iron ore in Yanzhou, a small city in southern Shandong.