Nordic Mines' gold deposit the Laiva mine continues to grow ahead of production start
(Thomson Reuters ONE) -
Nordic Mines AB (publ) Uppsala, Aug 9th 2011
One of the biggest gold deposits ever discovered in the Nordic region continues
to grow. Drilling performed during the second half of 2010 at the Laiva mine in
Finland shows an increase of the ore reserve with more than 1 million tonnes,
compared to the previously reported calculation. The proven and probable ore
reserves now reach a total of 12.9 million tonnes with an average gold content
of 1.85 grams of gold per tonne, corresponding to 23,850 kilos of gold.
The current report covers drilling results until the end of 2010. Core drilling
will now continue with extended capacity near the Laiva mine, where major areas
remain to be examined.
"The results of the limited drilling program that was performed in 2010 confirm
the deposit in previously less densely drilled areas and has led to an increase
of the total ore reserve. This gives us good hope for the future as we are
commencing quarrying at the mine and producing gold and continuing further
exploration drilling", Michael Nilsson, CEO of Nordic Mines, says in a comment.
In parallel to exploring the Laiva deposit, core drilling is performed in
Oltava, 12 kilometres south of the Laiva mine, as well as continued exploration
in Nordic Mines other license areas in Finland and Sweden.
The ore reserve now amounts to 12.9 million tonnes med 1.85 g gold/tonne,
compared to previously reported 11.7 million tonnes with 1.86 g gold/tonne. This
makes Laiva outside Raahe in central Finland one of the biggest gold deposits in
the Nordic region.
The updated ore calculation is based on core drilling performed in 2010. During
the year, 35 new holes were drilled, while five old holes were extended. In
total, the new drilling covers 6,458 metres. The calculation includes a total of
66,696 metres.
The reported ore reserve is based on a gold price of 535 ?/oz, which is more
than 50 per cent below current levels. If instead a price of 750?/oz was to be
used, the ore reserve would increase to 15.3 million tonnes with an average gold
content of 1.74 grams of gold per tonne. The waste ratio would then increase
from 1:4.8 till 1:5.1.
The international mining consultant group CSA Global (www.csaglobal.com) /
Malcolm Titley, member of the Australasian Institute of Geoscientists, AIG as
well as the Australasian Institute of Mining and Metallurgy, AusIMM, has been
responsible for the calculation of the mineral resources and the ore reserves.
The calculations have been performed according to the guidelines specified in
the JORC-code. Production costs and other technical parameters correspond to the
feasibility study that has been published for the Laiva mine.
Ore reserve for the Laiva project according to results of the Whittle open pit
optimization
Ore reserve cut-off 0.5 g/ton
Tonnes ore Gold g/tonne Kg Gold Oz Gold
Proven ore reserves 5,764,000 1.83 10,550 340,000
Probable ore reserves 7,147,000 1.86 13,300 428,000
Total ore reserves 12,910,000 1.85 23,850 768,000
The ore reserves have been adjusted for 10% dilution and 10% ore loss. Ore: The
waste ratio is 1:4.8. Economic low-grade ore between 0.5 g/tonne and 0.8 g/tonne
that can be mined profitably has been included in the ore reserves and therefore
affects the average grade.
Remaining mineral resources not included in the
ore reserves
Mineral resources Tonnes Gold g/tonne Kg Gold Oz Gold
Measured mineral
resources 174,000 1.45 253 8,100
(cut-off 0.8 g/tonne)
Indicated mineral
resources 4,200,000 1.73 7,270 234,000
(cut-off 0.8 g/ton)
--------------------------------------------------------------------------------
Measured & Indicated
in total 4,370,000 1.72 7,520 242,000
(cut-off 0.8 g/ton)
--------------------------------------------------------------------------------
Mineral resources
Category B 2,910,000 0.62 1,810 58,100
Measured & Indicated
Content 0.5-0.8
g/tonne
--------------------------------------------------------------------------------
Inferred mineral
resources 3,600,000 1.8 6,500 210,000
(cut-off 0.8 g/ton)
Attachments:
Summary Report - Mineral Resource and Ore Reserve Update 8th August, 2011
http://www.nordicmines.se/bolagsinfo/rapporter/1171105-rapporter
Technical Report - Mineral Resources and Mineral reserves 2011-08-08
Go to "www.nordicmines.se/bolagsinfo/rapporter/1171105-rapporter "
This press release has been examined by Peter Kuiper, appointed by SveMin as a
qualified person and employed as the Head of Development at Nordic Mines.
For further information, please contact:
Michael Nilsson, Chief Execeutive Officer, Phone: +4618-84 34 501 E-
mail:mille(at)nordicmines.se
Nordic Mines is a Nordic exploration company focused at exploring gold. The
company has six licence areas; three in Finland and three in Sweden. At the
moment, Nordic Mines is focused at developing the gold deposits in Laiva, near
Raahe in Central Finland. Laiva is one of the largest gold deposits in the
Nordic region and production will be commenced there in 2011. Nordic Mines'
vision is to become one of the leading gold producers in Europe - and at the
same to be a role model in environmentally friendly mining. The share is traded
at the Nasdaq OMX Nordic market.
Nordic Mines Press Release 9 aug 2011:
http://hugin.info/138647/R/1537046/469113.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic Mines AB via Thomson Reuters ONE
[HUG#1537046]
Unternehmensinformation / Kurzprofil:
Datum: 09.08.2011 - 09:30 Uhr
Sprache: Deutsch
News-ID 57077
Anzahl Zeichen: 7172
contact information:
Town:
Uppsala
Kategorie:
Business News
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