Shanta Gold Boosts Reserves at New Luika Mine, Tanzania
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Shanta Gold has added more reserves at its New Luika mine in Tanzania with an upgrade to the Elizabeth Hill satellite.
The deposit, which is 3km from the central processing plant at New Luika (NLGM), has a new reserve of 28,000 ounces of gold compared to 5,000 already included in the mine plan.
Indicated resources also doubled to 61,000 oz, with a 32 percent increase in the total resource at Elizabeth Hill to 116,000oz.
Toby Bradbury, chief executive, said Shanta continues to upgrade and extend the resource base at New Luika and the results at Elizabeth Hill demonstrate the uncapped potential value still to be realized.
“These resources offer significant realizable value in that they sit within the existing mining license with a proven and highly efficient process plant.”
“This resource and reserve update delivers incremental value to the Base Case Mine Plan, filling the vacant plant capacity and extending mine life.
“Additional resources that still sit outside the Mine Plan, including 90,000oz of inferred resource at Bauhinia Creek, provide potential to further extend mine life.
“All resources at NLGM remain open at depth.”
Broker SP Angel added that the esource calculations at a 1g/t cut off grade and an assumed gold price of $1,200/oz against a previously assumed price of $1,300/oz in 2014.
The resource update provides some useful definition for the mine plan and on the extended lifespan of the mining operation, it added.
Source: (January 25, 2016) Proactive Investors
About Shanta Gold
Shanta Gold, through its wholly owned companies including Tanzanian subsidiary, Shanta Mining Company Limited (SMCL) (“Company”), is engaged in gold mining, development and exploration in Tanzania –one of Africa’s most significant gold-producing countries. Shanta Gold was admitted to the London Stock Exchange’s Alternative Investment Market (AIM) in July 2005 and is contained in the FTSE sub-sector of Gold Mining.
To stop by Shanta Gold’s website, CLICK HERE
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