A gold deposit with an estimated reserve of 24 metric tons has been found in Xinjiang Uygur Autonomous Region.
The mine was reported to be 180 kilometers from Qitai County.
After five years of exploration with a total investment of 18.5 million yuan (US$2.65 million), the gold was discovered with an estimated worth of US$770 million.
Last year, China's gold output was 270 tons.
Having experienced a period of heightened foreign interest in mining activities, China has overtaken South Africa as the leading producer in the world for gold production.
(Shanghai Daily April 1, 2008)