Mining News
Archipelago Resources (LON:AR.) Plc (AR/ LN, 68.5p, ? 0.37%) announced an increase in mineral resource and ore reserve estimates at its Toka Tindung Mine in North Sulawesi, Indonesia. 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). Contained gold resources have increased by 52%; with ore reserves increasing by 60%. The increase supports extending the mine life from six to nine years The company also announced an operational update for its Toka Tindung Mine. The mine produced 61,191 contained Au Eq oz at a cost of US$579 per oz. The company expects to produce between 135,000 and 145,000 Au Eq oz for the 2012 calendar year, at a cash cost of between US$540 and US$590 per oz.
Baobab Resources (LON:BAO) Plc (BAO LN, 14.0p, ? 4.27%) released the results from drilling at its Massamba Group iron / vanadium / titanium project. Analytical results from the first 3 drill holes have been returned with a further 23 drill holes currently undergoing analysis. Significant drill intercepts include 115m at a head grade of 36% Fe and a DTR concentrate grade of 63% Fe, 0.9% V(2) O(5) and 6.6% TiO(2) at a mass recovery of 37% from 19.5m.
Bezant Resources (LON:BZT) Plc (BZT LN, 30.63p, ? 4.70%) announced that it has appointed Dr Bernard Olivier as Chief Executive Officer with immediate effect.
Centamin (LON:CEY) Plc (UNDER REVIEW) (CEY LN, 96.5p, ? 0.82%) announced its results for the three months to 31 December 2011. Q4 gold production was 58,965 ounces from the Sukari Gold Mine, 10% higher than the corresponding quarter in 2010 and 17% higher than the previous quarter. Cash operating costs were US$473 per ounce, 4% lower than the corresponding quarter in 2010 (US$498/oz) and 26% lower than the previous quarter (US$635/oz). The Company achieved…
