This is why this movingEgypts Ministry of Petroleum and Mineral Resources revealed on Tuesday the discovery of a gold deposit with estimated resources of 1 million ounces. The asset was found in the mineral-rich Eastern Desert, on a mining concession run by state-owned Shalateen Mining Company, Ahram Online reports. The government did not provide details on the methodology used to determine the deposits size. If it were to produce 1 million ounces, it would be worth about $1.8 billion at todays prices.