With gold reserves of at least 53 tonnes, the mine in Xinyuan County in the Ili Valley is expected to have an economic value of 20 billion yuan (3.2 billion US dollars), said Zeng Xiaogang, head of the region's geology and mineral resources bureau, Xinhua reported.
Covering a length of 3 km and depth of 60 to 300 meters, the gold mine also holds 31,200 tonnes of copper, said Zeng.
He said the bureau, in cooperation with the Meisheng Group based in Hainan Province, took five years to find the mine, finally confirming its location on May 13.
The group has invested nearly 150 million yuan in the project, which will be put into operation by the end of 2015. Its annual gold production capacity is expected to reach three tonnes, or 1 billion yuan of production value every year, according to Zeng.
It is the second large gold mine discovered in the Ili Valley following one with gold reserves of 50 tonnes found in 1988.