Centamin lifts resources, but reserves sag
TORONTO (miningweekly.com) – LSE- and TSX-listed Centamin, which operates the Sukari gold mine, in Egypt, on Wednesday said it had lifted its Canadian National Instrument 43-101-compliant measured and indicated resources, but had reduced its total combined openpit and underground reserves at the operation.
The company on Wednesday announced that its total measured and indicated resource had increased to 13.4-million ounces of gold, up from 13.1-million ounces based on an openpit resource of 12.6-million ounces and an underground resource of 800 000 oz.
However, the total combined openpit and underground reserve was down 19%, containing 8.2-million ounces of gold from 10.1-million ounces as at December 31, 2011, which the company said was owing to mining depletion and increased mining and processing costs associated with a change from subsidised to international fuel prices.
The Perth, Australia-based company also reported a 120% increase in its underground reserve to 2.3-million tonnes and an underground proven reserve of 520 000 t grading 11.4 g/t of gold.
"As expected there has been some impact on the overall reserve from the higher international fuel price environment that Sukari has operated under since the first quarter 2012," Centamin chairperson Josef El-Raghy said.
He noted that the underground drilling campaign, which had steadily escalated during the year, had started to outline “substantial” regions of high-grade ore. “It is our expectation that this trend will continue as underground development is expanded and the multiple high-grade drill targets at Sukari are tested and defined over the coming months and years,” he said.
The company’s TSX-listed stock had gained 14.52% from the start of the year, and on Wednesday was trading up C$0.01 at C$0.72 apiece.
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