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Phoenix adds ounces in WA

4th February 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold hopeful Phoenix Gold has reported a 9.5% increase in its total ore reserves from its Western Australian projects.

The company said on Tuesday that total ore reserves increased to 1.16-million ounces, while the resource was estimated at 3.8-million ounces.

The results came on the back of an updated ore reserve at the Red Dam and Carbine gold projects, as well as a maiden ore reserve estimate for the Kintore project.

“The release of these latest results is a testament to the quality of the project area that continues to deliver and it is extremely pleasing for Phoenix to have an increased mineral resource position of 3.8-million ounces and an ore reserve approaching 1.2-million ounces,” said MD John Price.

He noted that both the Red Dam and Kintore projects were an integral part of the company’s mine plan for the next eight to ten years, with the new results continuing the positive momentum for the definitive feasibility study, which was due for release shortly.

Edited by Creamer Media Reporter

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