Archipelago is pleased to announce a material increase
in mineral resource and ore reserve estimates at its Toka
Tindung Mine in North Sulawesi, Indonesia. The Company also
provides an update on operations.
HIGHLIGHTS
Highlights include the following:
Resource & reserve upgrade for Toka Tindung Mine
· The resource has increased to 52.6Mt @ 1.53 g/t Au
for 2.58M contained oz Au (and 3.7 g/t Ag for 6.14M contained
oz Ag) from 15Mt @ 3.4g/t Au for 1.7M contained oz Au (and 8
g/t Ag for 4M contained oz Ag);
· the proven and probable ore reserve has increased to
27.6Mt @ 1.7g/t Au for 1.47M contained oz Au (and 4.3 g/t Ag
for 3.79M contained oz Ag) from 7.62Mt @ 3.7g/t Au for 920k
contained oz Au (and 8.9 g/t Ag for 2.18M contained oz
Ag);
· excluding silver as gold equivalent ounces, contained
gold resources have increased by 52%; with ore reserves
increasing by 60%;
· the increase in ore reserves supports extending the
mine life from six to nine years (with additional stockpile
processing extended from two to seven years);
· 'life of mine' planning indicates average
production of circa 160,000 Au Eq oz for the next six years
at a head grade of no less than 2.89 g/t Au; and
· drilling and modelling continues, with further
increases to resource estimates likely.
Operational update
· In line with Q4 guidance for the 2011 calendar year,
the Toka Tindung Mine produced 61,191 contained Au Eq oz at a
cost of US$579 per oz; and
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Updated resource and reserve estimates for Archipelago |