KUALA LUMPUR: CNMC Goldmine Holdings Ltd, Singapore’s first listed gold mining company, has found an additional 130,300 ounces of gold at its flagship 10 sq km Sokor Gold project in Kelantan, bringing its total joint ore reserves in the area to 503,000 ounces of gold at end 2011.
“This is an 130,000 ounces or 35 per cent increase of gold as compared to the June 2011 estimates of 372,000 ounces of gold,” the company said in a statement.
CNMC Goldmine owns an 81 per cent stake on the Sokor Gold project, with the Kelantan state government holding the balance.
There are four identified gold deposits in this project, namely Manson’s Lode, New Discovery, Sungai Ketubong and Rixen.
According to the statement, CNMC previously reported the mineral resource as at June 30 2011 and since then, 21 holes for a total of 1,746.03 metres were drilled at Rixen and four holes of a total of 895.93 metres were drilled at Ketubong.
“Results from these drillings have been incorporated into this latest update mineral resource estimates,” the statement said, adding this is the company’s second mineral resource update since its initial public offering on October 28 2011.
Since then, CNMC said its mineral resource estimates have increased steadily at a healthy pace.
Buoyant with the latest findings, CNMC chief executive officer Chris Lim said the company places great emphasis on getting high standard JORC-compliant report that can withstand independent scrutiny.
“In addition, the further increase in the estimates of gold resources is a strong testimonial to CNMC’s beliefs and strategies.
“We will continue to balance our exploration activities and gold production efforts to achieve maximum value for our shareholders,” he said.
In this regard, he said the December 2011 mineral resource estimates are completed in accordance of the JORC Code by CNMC’s independent resource consultant, Optiro Pty, which is one of Australian mineral industry’s leading expert.
JORC is a model for other natural mineral resource and ore reserves codes.
Moving forward, Lim said CNMC will continue to explore the rest of the Sokor Gold project and its board of directors is of the view that the project continues to hold strong exploration potential for additional gold mineralisation intercepted in CNMC’s drilling programme.
“Additionally, CNMC will balance its exploration activities with actual production output,” he said, adding the company will strive to increase its ore processing facilities to expand gold outputs.
While exploration efforts are an important priority of the group’s strategies to enhance shareholders’ value, Lim said the company is also taking steps to enhance its production capacity to produce more refined gold.
“To date, we have produced more than 3,000 ounces of gold,” he said.
Source by: Business Times
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