• An independently verified JORC compliant resource has been established at Tulu Kapi.
• A resource of 23.7 Mt at 2.51 g/t gold giving 1.9m oz has been estimated.
• This follows a 12 month review period by KEFI in tandem with independent experts of all drilling and trenching results to date.
• 120 km of drilling has been undertaken at Tulu Kapi with over US$50m spent on drilling, analysis and project work by previous owners.
• The indicated resource now stands at 18.4 Mt at 2.57 g/t gold containing 1.5 m oz of gold.
• The indicated resource will be used as a basis for the pit design, mine scheduling and ore reserves.
• Both the inferred and indicated resources have used a cut off grade of 0.45 g/t gold and are above the 1,400m level where the resource can be mined in an open pit.
• Resource below 1,400m falls into the potential for an underground mine and has a cut off grade of 2.5 g/t gold.
• The previous resource totalled 14.59 Mt at 2.36 g/t gold for 1.108m oz in the indicted category and 10.31 Mt at 2.36 g/t gold 0.764 m oz at a cut off grade of 0.3 g/t gold.
• The previous estimates used to support the 2012 DFS used a semi-constrained block model using anisotropy methodology.
• The estimate being published by KEFI uses the same methodology but includes structural data and is based on corrected data.
• The mining block estimates are based on 5m (X) by 5m (Y) and 1m (Z) with 1m composited drill holes.
• The geostatistical parameters used have been validated by Snowden who have also checked each stage of the estimation process.
• Ore reserve estimates will be independently established for the open pit and a PEA will be done on the underground potential.
• The company are continuing to work on improving the project economics through optimisation of the mine design and plans.
• Capital requirements for the project are expected to be downsized based on a processing rate of 1.2 m tpa from 2 mtpa.
• Independent verification will be undertaken of the mine plan and estimates for capex, opex and closure plans.
• The company will be seeking to re-activate the Tulu-Kapi mining licence which was suspended in mid-2013.
Conclusion: There is considerable data available at the Tulu Kapi which has been used by the present management team with independent verification of the estimation process, to arrive at a larger indicated resource for the open pit above 1,400m with a higher cut off grade then previously estimated. This can now be used more confidently to design the mine plan and the economic parameters for the project.
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