The Australian gold industry has in recent years experienced a tremendous growth period, though not to levels prevailing at the turn of the century. There are, however, a number of dynamic factors at play which collectively indicate that it would be unwise to assume that this growth will be maintained; indeed the future discovery of viable new deposits may be insufficient to prevent an industry decline in Australia._x000D_
The higher gold prices of the 1980's together with technological advances, made previously worked mining centres areas of excellent prospectivity. These resources, signposted for us by the oldtimers, are being rapidly depleted. Whilst there can be no doubt that these resources can be replaced the real question is whether it is economic to explore for new deposits when it is likely that: The cost of future exploration will increase as exploration must focus on grassroot areas with few signposts._x000D_
Almost by definition this primary exploration effort will be subject to a lower success ratio._x000D_
The cost of future exploration will increase as new deposits will be located in more remote areas and at depth.