G-Resources announces more gold/silver deposit at Martabe

Hong Kong-listed gold mining firm G-Resources Group Limited announced Monday that it has estimated a first resource of gold and silver for the Tor Uluala deposit at its Martabe mining project in North Sumatra as it prepares to commence gold and silver production at Martabe by the end of the first quarter 2012.

According to the company, Tor Uluala contains an estimated 730,000 ounces of gold and 4,290,000 ounces of silver at an average grade of 1.0 g/t gold and 6.0 g/t silver. The deposit remains open in several directions.

This latest mineral resource estimate is the second resource upgrade for 2011 at the Martabe field, with a third upgrade expected to be released in October after estimation for a first resource at the nearby Horas deposit has been completed, it added.

Tor Uluala is one of 6 known gold deposits within Martabe and is located only 2 kilometres from the processing plant.

G-Resources Group?s JORC compliant and classified mineral resources are now estimated to contain 7.46 million ounces (Moz) of gold and 72.6Moz of silver as at 5 September 2011.

With construction well underway, Martabe is expected to commence production in the first quarter of 2012 at a rate of 250,000 ounces of gold and 2-3 million ounces of silver at an estimated low cash cost of less than US$250/oz of gold.(alex)