Agincourt reports new resource estimate in N. Sumatra gold project

Australian mining firm Agincourt Resources Limited said Wednesday that a new resource estimate for Baskara prospect, incorporating East Baskara and Pelangi gold and silver deposits at Martabe project in North Sumatra, has increased.

East Baskara and Pelangi gold and silver deposits were part of Purnama prospect.

?The new additional resource was 0.48 million ounces of gold and 5.2 million ounces of silver to 5.8 million ounces of gold and 60 million ounces of silver respectively,? Agincourt said in statement.

Agincourt said in an earlier statement that Martabe?s Purnama and Baskara prospects are believed to contain 5.3 million ounces of gold and 54.8 million ounces of silver.

The resource upgrade is based on the incorporation of approximately half of the 17,000 meters of exploration drill hole data generated by Newmont between August 2004 and September 2005.

The inclusion of the East Baskara deposit into the Baskara model has the potential to significantly increase the size of the final design for the Baskara open pit. This model will be re-optimised as part of the feasibility study to be completed by March 2007, the company added.

To comply with the JORC standard, infill and extensional drilling is necessary around the remaining 8,500 meters in order to classify further resource additions. (denny)