Masbate boosts gold reserves past 5Moz
8th May 2012
PERTH, May 8 – Masbate project partners CGA Mining and Filminera Resources Corporation have boosted resources at the Philippines gold mine by 12.7% on top of mining depletion, with more on the way.
The updated NI 43-101 compliant estimates by Mining Associates show total measured and indicated 204.3Mt at 0.76g/t for 5Moz plus 0.13Moz in stockpiles and inferred 102.8Mt at 0.86g/t for 2.83Moz. Cut-off grade is 0.36g/t.
After allowing for mining depletion, the new resource represents an increase in contained gold of 1.06Moz or 23.3%.
The upgrade calculated at October 31, 2011 does not include drilling completed since the end of June, including the Pajo Prospect. Subsequent drilling intercepts have the potential to upgrade mineral classification and further increase the total resources.
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