Australia's Renaissance Minerals (Cambodia) Ltd. unveiled Thursday that it estimated that gold resource at O'kvau area in Cambodia's Mondolkiri province could be as much as 1.2 million ounces, the firm's Managing Director Justin Tremain said.

Speaking during a meeting with Cambodian Minister of Industry, Mines and Energy Suy Sem on Thursday, Justin said the company has conducted an exploration and estimated that the area has gold deposit of up to 1.2 million ounces, much higher than its 2011 estimate of 720,000 ounces.

According to a press release from the ministry, Justin told Suy Sem that the company has already invested 22.5 million US dollars for exploratory tasks and it would conduct a feasibility study towards exploitation in the future.

Renaissance Minerals Ltd. acquired Mondolkiri gold mining resource from Australian OZ Minerals Ltd. last year.

According to Justin, besides the above-mentioned project, the firm has also been exploring gold minerals in Ochhoung area in Keo Seima district of northeastern Mondolkiri province and Pheam Lorp area in Teuk Pos district in northern Kampong Chhnang province.

He said the explorations in the two areas have already cost about 18.5 million US dollars, but the results are not available yet.