Scientists announced Monday that a high concentration of gold had been found in the mountains north of Eilat. According to Yediot Acharonot, the traces of gold—four grams per ton of dirt—were found during explorations funded by Jewish Australian businessman Avraham Salfinger, the owner of KiTov resources.
Salfinger told Yediot Acharonot that drilling in the area could start by the end of 2008. However, the area in question is located in a nature reserve, which is off-limits to standard drilling machinery. The restrictions could cause the cost of digging to rise dramatically.