Nordic Mines reports an updated Mineral Reserve corresponding to five years of gold production
(Thomson Reuters ONE) -
The English text is an unofficial translation of the Swedish original and in
case of any discrepancies between the Swedish text and the English translation,
the Swedish text shall prevail. This is not a legal document.
Nordic Mines is reporting an updated Mineral Reserve and Mineral Resource
estimate for the Laiva mine as of 1 January 2015. The Mineral Reserve
corresponds to five years of gold production.
The total Proven and Probable Mineral Reserve in Laiva as of 1 January 2015 is
9,367,000 tonnes with an average grade of 1.19 grams of gold per tonne (cut-off
0.6 grams per tonne). The gold content in the Mineral Reserve corresponds to
around 11,200 kg (360,000 troy ounces).
The Mineral Reserve is based on an updated Mineral Resource (which is inclusive
of those Mineral Resources modified to produce the Mineral Reserve). The total
Measured and Indicated Mineral Resource in Laiva as of 1 January 2015 is
15,970,000 tonnes with an average grade of 1.52 grams of gold per tonne (cut-off
0.6 grams per tonne). The gold content of the total Measured and Indicated
Mineral Resource corresponds to around 24,300 kg (780,000 troy ounces). In
addition, there is an Inferred Mineral Resource of 3,220,000 tonnes with an
average grade of 2.08 grams of gold per tonne (cut-off 0.6 grams per tonne). The
gold content in the Inferred Mineral Resource corresponds to around 6,700 kg
(215,000 troy ounces).
The updated Mineral Reserve and Mineral Resource for the Laiva mine was prepared
by the independent mining consultancy company, SRK Consulting (UK) Limited
(SRK). During the autumn of 2014 and the winter of 2015, SRK also worked
together with Nordic Mines to update the Company's action plan for the Laiva
mine. As previously communicated, an indicative updated action plan was
delivered to the Company's lenders in January 2015. The Company's lenders have
since then invited Nordic Mines to continue to discuss the action plan and the
restart of operations at the Laiva mine. The Company's goal is to complete and
present a final updated action plan by March 2015.
Comments by CEO Thomas Cederborg
"The updated Mineral Reserve shows that the Laiva project has a life-of-mine of
at least five years. The presentation of the updated Mineral Reserve marks the
end of an extensive project carried out by SRK and Nordic Mines," comments
Nordic Mines CEO Thomas Cederborg.
Laiva Mineral Resource (1 January 2015)
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Category Tonnage (t) Au Grade (g/t) Gold (kg) Gold (tr oz)
-----------------------------------------------------------------------
Measured - - - -
-----------------------------------------------------------------------
Indicated 15,970,000 1.52 24,300 780,000
-----------------------------------------------------------------------
Measured + Indicated 15,970,000 1.52 24,300 780,000
-----------------------------------------------------------------------
Inferred 3,220,000 2.08 6,700 215,000
-----------------------------------------------------------------------
The Mineral Resource is reported at a cut-off grade of 0.6 g/t.
The model for the calculation of the Mineral Resource is limited by an assumed
gold price of ? 1,300 per troy ounce (USD 1,510 per troy ounce).
The Mineral Resource is reported inclusive of those Mineral Resources modified
to produce the Mineral Reserve.
Laiva Mineral Reserve (1 January 2015)
------------------------------------------------------------------------------
Category Tonnage (t) Au Grade (g/t) Gold (kg) Gold (tr.oz)
------------------------------------------------------------------------------
Proven - - - -
------------------------------------------------------------------------------
Probable 9,367,000 1.19 11,200 360,000
------------------------------------------------------------------------------
Proven + Probable 9,367,000 1.19 11,200 360,000
------------------------------------------------------------------------------
The Mineral Reserve is reported at a cut-off grade of 0.6 g/t.
The calculation of the Mineral Reserve was based on an assumed five-year gold
price of ? 1,020 per troy ounce (USD 1,184 per troy ounce).
Calculations of Mineral Resources and Mineral Reserves in 2015
The Mineral Resource that was reported in November 2013 was based on a
geostatistical process that reported the Mineral Resource in blocks of 10x5x10
meters. The work in 2014 resulted in the Mineral Resource now being reported in
smaller blocks of 4x4x5 meters. The current Mineral Resource (cut-off 0.6 g/t)
is based on the portion of the total mineralisation (41 million tonnes) that is
estimated to be profitable to mine in the open-pit mine at a gold price of ?
1,300 per troy ounce or USD 1,510 per troy ounce.
The calculation of the Mineral Reserve has been based on an assumed 5-year gold
price of ? 1,020 per troy ounce or USD 1,184 per troy ounce.
The Mineral Resource and Mineral Reserve estimates have been reported in
accordance with the current JORC code ("JORC Code 2012").
The Competent Person accepting the professional responsibility for the Mineral
Resource Estimate is Dr John Arthur of SRK Consulting (UK) Limited, who is a
Chartered Geologist and Fellow of the Geological Society of London.
The Competent Person accepting the professional responsibility for the Mineral
Reserve Estimate is Mr Allan Blair, BEng, MAusIMM (#102240) of SRK Consulting
(UK) Limited.
The content of this press release has been reviewed and approved by Peter
Kuiper, Head of Development for Nordic Mines and a Qualified Person (QP)
registered with SveMin.
For further information, please contact:
Thomas Cederborg, CEO, +46 (0)70 848 0521
Peter Kuiper, Head of Development, +46 (0)70 567 6444
For more information about Nordic Mines, please visit www.nordicmines.se.
The information presented above has been disclosed pursuant to the Securities
Markets Act and/or the Financial Instruments Trading Act. The information was
published on 26 February 2015 at 8:00 a.m.
Nordic Mines is a Nordic mining and exploration company. Gold production began
in the Laiva mine in Finland at the end of 2011. The deposit is among the
largest in the Nordic region. Nordic Mines is a member of Svemin and applies its
reporting regulations for public mining and exploration companies. The Nordic
Mines share has been admitted for trading on the Nasdaq Stockholm's Small Cap
list. Also refer to www.nordicmines.se.
Nordic Mines reports an updated Mineral Reserve:
http://hugin.info/138647/R/1897477/673449.pdf
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(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 GlobeNewswire
[HUG#1897477]
Unternehmensinformation / Kurzprofil:
Datum: 26.02.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 374413
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