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.