Norseman Gold PLC (AIM, ASX: NGL) said after a recent review, it has increased its proven and probable reserves estimate as of end-March 2009 by 29 percent from the same date a year earlier to 0.4 million ounces of gold, that is 1.4 million tonnes at a grade of 8.9 grams per ton.
Measured, indicated and inferred resources at the Norseman project in Western Australia rose 95 percent from the March 31 2008 estimateto 3.7 million ounces of gold, or 20.0 million tonnes grading 5.5 g/t.
Of the total reserves 310,000 ounces of gold or 78 percent are located within the Bullen and Harlequin declines. The remainder are located in other underground areas, open pits and stockpiles. A gold price of A$1,200 per ounce has been utilised in assessing the economic viability of the Company's reserve and resource.
The new reserve equates to a minimum five year mine life at the current annual production rate with no allowance for the fact that Norseman has historically produced a portion of its annual ounces of gold from outside the stated reserve envelope.
Since March 312009, the company has continued with its exploration drilling programmes both within the Bullen and Harlequin declines and regionally. Norseman expects that positive results from these drilling programmes will see the mine life extended further.www.proactiveinvestors.com.au
No comments:
Post a Comment