East African country Kenya recently intensified its prospects in known gold fields in Western Kenya in a bid to take part in the escalating global pandemonium for the supposed soothing psychological effects of gold among investors.

This, as Kenya issues its first ever gold mining lease tomorrow Tuesday to Goldplat, a gold dealer listed at the London Stock Exchange, the Business Daily Africa reported. The mining lease effective allows Goldplat to exploit the large gold deposits in the Lolgorien area of Narok County, where Kenya expects to earn billions in gold revenue.

In surveys undertaken by both the Kenya government and interested private mining companies, it was revealed large gold deposits abound around Migori and Kakamega in western Kenya, which could help the country diversify its revenue streams with the aid of large scale mining activities. The country mostly relies on horticultural and tea exports, tourism and remittances from abroad.

Mining experts forecast Kenya will experience its gold rush in the next 10 years.

Australian mining company Aviva Corporation struck high grade gold deposits in Bushiangala, Kimingini, Bukura and Shitole near Kakamega town, as well as copper at Bumbo, all in western Kenya.

Listed on the Australian and Botswana Stock Exchanges, Aviva Corporation raised $6 million to further fund prospecting for gold, copper and zinc in an area covering 2,888 kilometers in Western Kenya.

Estimates gathered by the East African News from the Ministry of Environment and Natural Resources showed Migori's gold capacity stands at 34 tonnes, translating to some $670 million a year in revenue for the country.

The Bushiangala and Kimingini prospects have potential of 8.29 grammes per tonne (g/t) of gold from 98 metres deep and 12.71g/t from 139 metres respectively. Bukura 0.67g/t gold from 49 metres and 2.23g/t from 53 metres at Shitole.

The Bumbo base metals project area encountered high grade copper, zinc and silver in the initial drilling, and minerals were found at least five metres from the surface.

In Western Kenya alone, it has more than 200 recorded artisanal gold prospects, with a recorded production of more than 200,000 ounces of gold.

In July 2010, Aviva Corporation and AfriOre International signed a joint venture agreement that allowed the Australian mining company to earn up to 75 per cent of AfriOre's western Kenya mining project. The agreement required Aviva Corporation to spend $3 million over three years on survey to map out potential mining locations. Aviva Corporation will initially earn 51 per cent stake in Ndori and Siaya fields.

Last week, the international price of gold averaged $1,755.5 an ounce. Analysts and traders have projected the price of the yellow metal will reach $2,000 an ounce in 2012.