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| Subject: Latest info Lihir Gold.--when gold is bullish | |
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Author: All egoaside with others have liked Redback in gold from 25c |
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Date Posted: 02:23:14 01/28/03 Tue  Posted By Subject Post Time Post ID wildstuff (ID#: 230011) lihir reports large boost in reserves 28/1/03 7:36:10 PM 5971755 « Previous Message Next Message » http://www.quasimodos.com/cgi-bin/markets/show.cgi?Action=Local&&&Command=145 This message has been viewed 18 times Report a BullBoards Violation Ignore wildstuff Post Reply View Threads Lihir Gold Confirms Boost In Gold Reserves And Resource Lihir Gold 28 January 2003 LIHIR GOLD CONFIRMS BOOST IN GOLD RESERVES AND RESOURCE Gold producer, Lihir Gold Limited, today released its quarterly results announcing a 2.2 million ounce increase in reserves. In addition, the discovery of new areas of high-grade extensions has substantially boosted the company’s resource base by 6.5 million ounces. These results confirm Lihir’s status as one of the world’s premier gold deposits. The 19% increase to resources lifts Lihir’s total resource to 41.1 million ounces. Total reserves increased by 15% to 16.7 million ounces. Lihir Gold Managing Director, Neil Swan, said that the company’s US$8 million investment in exploration in 2002 had paid off, with the company delivering on its objective of adding more to reserves at a low cost per ounce. In dollar terms, Lihir Gold’s annual exploration program is the largest in Papua New Guinea (PNG). “In 2002 we set out to confirm the extent of the Lienetz high-grade zone and to test the continuity of mineralisation between the northwest Lienetz orebody and Kapit resource. And we did just that. Our robust exploration program elicited outstanding results, with some extremely good gold intercepts. The gold deposits in the Lienetz zone proved to be more extensive than previously thought and new gold mineralisation linking Kapit and Lienetz was discovered. “We are very excited about the resource potential of the Kapit area as it delivered a number of outstanding drill results - the best drill hit being 94 metres at 10.6 grams per tonne gold from 208 metres downhole. “Particularly pleasing is that Lihir Gold was able to achieve very low conversion costs – $US1.20 per ounce for the resource, and $US4.00 per ounce for reserves. This rates among the lowest conversion costs in the industry and is a direct consequence of our increased understanding of the ore deposits and resultant targeted exploration.” Swan says that in 2003 the focus of Lihir Gold’s drilling program is to fully define the Kapit resource and to convert as much as possible into reserves. Lihir Gold’s total life of project reserves (including gold production since 1997) now exceeds 20 million ounces. “This development of additional resources not only augurs well for increased shareholder value but will also bring substantial benefits to PNG as a country and the Lihirian community.” The latest results have also created further development opportunities. “What we have learnt in the past year enhances the case to progress studies on the potential for project expansion.” -------------------------------------------------------------------------------- For further information: Rod Antal Manager Investor Relations Tel: 0402893229 [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| Re: V.W.A.P* 41.62 last trades 40--28/1/03 | RBK--good free cash flow see research material S/H | 02:25:26 01/28/03 Tue |