Archipelago reports an increase of gold resource
Saturday, April 27 2013 - 01:48 AM WIB
LSX-listed Archipelago Resources Plc announced on Friday an increase in mineral resource estimate for its 95% owned Toka Tindung Mine in North Sulawesi with the total resource of over 3 million Au oz.
It said that excluding silver as gold equivalent ounces and net of depletion from mining, the contained gold resource has increased by more than 400,000 ounces or 16% (in addition to the 52% increase reported in the previous update to the company's resource statement in January 2012.
Marcus Engelbrecht, Managing Director and CEO said "The continued expansion of Archipelago's mineral resource is a further achievement for the Company and builds on our exploration successes during 2012. The material increase in the resource at the high grade southern deposits is particularly encouraging. Archipelago continues to focus its efforts on the optimisation, heap leach and expansion studies, with the aim of generating low cost production growth in the near to mid-term. The optimisation and expansion scenarios are expected to drive an update to the ore reserve estimate, to be released in conjunction with the results of the studies."
Archipelago?s Toka Tindung Mine consists of two projects: the Toka main pit and Batupangah. The Batupangah projects comprise the deposits of Pajajaran, Blambangan, Araren, Kopra, Bone, Jipang, Makassar and Semut.
The company said that Archipelago will continue drilling at the Toka Tindung Mine, which will support a further review of resource and reserve estimates in the future.
?In addition to drilling adjacent to known deposits, Archipelago expects to commence drilling on the prospective Marawuwung area to the west of the main Toka pit in the near future,? the company said in the statement.
Editing by Adianto P. Simamora