Increased grades underwrite Velardena’s future
21st May 2012
GOLDEN, Colorado, May 21 – A new resources estimate has doubled the gold equivalent grade at Golden Minerals’ Velardena operations in Durango, Mexico.
The measured/indicated resource at Velardena now stands at 2.3Mt at 3.46g/t gold and 195g/t silver, which, at a 50:1 gold-to-silver equivalent ratio, totals 27.6Moz. Previous estimates had greater tonnes, but at significantly lower grades and slightly higher total ounces.
However, the measured/indicated resource remains about the same after 2 years of mining, showing the company’s ability to replace resources mined. And Golden Minerals believes this rate of replacement is likely to continue in the future.
The new inferred estimate is down to 0.3Moz and 15.8Moz contained gold and silver respectively, from 1.4Moz and 63.8Moz in the previous estimate.
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