Straits reports steep increase in Mt. Muro gold reserves
Tuesday, April 12 2011 - 02:03 AM WIB
Australia-listed mining firm Straits Resources Limited on Tuesday reporetd that its JORC-compliant gold reserves from Mount Muro mine in Central Kalimantan increased by 152 percent to 629,000 ounces gold equivalent (oz AuEq) from 379,000 oz AuEq.
The company said the new reserves have been calculated for the Serujan and Bantian areas both of which are close to existing mine infrastructure and amenable to open pit mining.
?The increased reserve is extremely positive for Mt Muro and initial planning shows that it is expected to support production in excess of 100,000 oz AuEq per annum with average total costs for full year 2012 to full year 2014 not exceeding US$850/oz,? the company said.
Detailed planning is now underway for a ramp up in production in 2012. A forecast production profile and costing will be announced when this work is completed, it said.
Total historic production combined with current resources for the Mt Muro Volcanic complex are in excess of 4 million oz AuEq, establishing Mt Muro as a significant epithermal province, the company said.
Straits controls 100 percent of Mt. Muro mine Indonesian subsidiary PT Indomuro Kencana. (romel)
Mt Muro Total Reserves
Mt Muro Probable Reserves - as at 31 March 2011 |
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| Deposit | Cut Off Gold Eq | Mining Method | Tonnes (t) | Gold (g/t) | Silver (g/t) | Gold Eq (g/t) | Gold (oz) | Silver (oz) | Gold Eq (oz) |
| SERUJIAN | 0.5 | OP | 3,300,000 | 2.6 | 73 | 4.2 | 250,000 | 5,600,000 | 380,000 |
| BANTIAN | 0.5 | OP | 1,800,000 | 1.5 | 37 | 2.3 | 80,000 | 1,500,000 | 100,000 |
| OTHER | 1.0 | OP | 440,000 | 2.8 | 44 | 3.8 | 34,000 | 440,000 | 55,000 |
| SOAN | 2.0 | UG | 520,000 | 5.2 | 64 | 6.6 | 80,000 | 740,000 | 94,000 |
| Sub Total Open Pit | Variable | OP | 5,540,000 | 2.2 | 42 | 3.2 | 364,000 | 7,540,000 | 535,000 |
| Sub Total Underground | 2.0 | UG | 520,000 | 5.2 | 64 | 6.6 | 80,000 | 740,000 | 94,000 |
| Total Reserves | Variable | All | 6,060,000 | 2.5 | 42 | 3.4 | 444,000 | 8,280,000 | 629,000 |
Mt Muro Total Probable Reserves - as at 30 June 2010 |
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| Total OP and UG | Variable | All | 1,900,000 | 3.4 | 64 | 4.8 | 190,500 | 2,700,000 | 250,000 |
| Total Reserves | Variable | All | 1,900,000 | 3.4 | 64 | 4.8 | 190,500 | 2,700,000 | 250,000 |