An investigation of gold distribution in the mill products of Sar Cheshmeh beneficiation plant demonstrates that on average 44% of the gold is routinely recovered as a by-product in the copper concentrate, and the remaining is lost to the tailing. In order to evaluate the causes of gold losses, the distribution and mode of gold occurrence in the Sar Cheshmeh ore and mill products were studied. Searching for gold within samples and within individual grains of sulphide minerals was carried out by SEM in the backscattered electron mode and SIMS, respectively. The mineralogical distribution of gold revealed by microbeam techniques were combined with the results of relevant metallurgical experiments including, sizing, heavy liquid separation, and diagnostic leaching tests, and the nature and location of gold in the ore and mill products were determined. The combined results of the experimental approaches pursued suggest that while there are some gold in solid solution and/or colloidal size within sulphides of the Sar Cheshmeh ores, "visible" gold is the principal form of gold occurrence at Sar Cheshmeh.