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| Subject: vested interest crapCHIRANO GOLD PROJECT - GHANA RBK | |
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Author: root you bullboards just fraudulent garbage |
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Date Posted: 03:27:04 01/29/03 Wed RED BACK MINING NL 2003-01-16 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ CHIRANO GOLD PROJECT - GHANA * Ore reserves of 1.06 million ounces following completion of open pit optimisation and design work * Reserves based on open pit designs using US$325 per ounce gold price * Additional resource ounces available for reserve conversion at higher gold prices * Full Bankable Feasibility Study results to be announced February 2003 Red Back Mining NL (ASX:RBK) is pleased to announce Proved and Probable open pit Ore Reserves for its 95% owned Chirano Gold Project following recently completed open pit optimisation studies and detailed design work to finalise the Bankable Feasibility Study ("BFS"). Consultant RSG Global Pty Ltd estimated Ore Reserves of 16.1 MT grading 2.1g/t for 1,062,000 in situ ounces. Based on an average metallurgical recovery of 90% the in situ reserves equate to 960,000 recovered ounces. RESERVE CATEGORY TONNES GRADE(G/T) OUNCES (IN SITU) Proved 7,240,000 2.4 548,000 Probable 8,840,000 1.8 514,000 TOTAL 16,080,000 2.1 1,062,000 The reported reserves were estimated using the following parameters: * a gold price of US$325 per ounce * a cut-off grade ranging from 0.8g/t (oxide) up to 1.0g/t (sulphide) * detailed open pit designs using parameters defined by the BFS following optimisation using Whittle 4X software * Inferred Resources excluded from the pit optimisation studies and detailed pit designs * approximately 13% of the Ore Reserves comprise oxide material Using a 1.0g/t cut-off the Measured, Indicated and Inferred Resources for the Chirano Gold Project total 30.4MT grading 2.1 g/t for 2.05 million ounces of which 545,000 ounces are Inferred. Approximately 30,000 of these Inferred Resource ounces are contained within the designed pits and are likely to be mined in addition to the reported Ore Reserves. Pit optimisation studies based on Measured, Indicated and Inferred Resources have been completed at variable gold prices as tabled below indicating the sensitivity of the project to gold price: GOLD PRICE(US$) TONNES (MT) GRADE (G/T) OUNCES (IN SITU) 300 16,100,000 2.2 1,113,000 325 17,500,000 2.1 1,189,000 350 21,000,000 2.1 1,386,000 375 24,600,000 2.0 1,572,000 400 25,800,000 2.0 1,632,000 Additional drilling will be required to convert Inferred Resource ounces into the Indicated and Measured Resource categories and then into Ore Reserves. Based on the previous drilling results and understanding of the geometry of the Chirano deposits the conversion to reserves is expected to be high. The BFS is based on ore mined from a central pit complex plus satellite pits treated through an on-site centrally located conventional carbon in leach treatment plant and elution circuit with an annual throughput of 2.0 million tonnes per annum. Preliminary capital cost estimates for the treatment plant have been received and, once completed, should be announced in February 2003. R Ashton MANAGING DIRECTOR Footnote: The reserve estimate for the Chirano Project has been categorised based on the September 1999 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (The JORC Code). The reserve estimation study has been carried out by Harry Warries, Senior Mining Engineer at RSG Global Pty Ltd, who is a Corporate Member of the Australasian Institute of Mining and Metallurgy, and is a "Competent Person", as detailed in the JORC Code. Mr Warries consents to the inclusion in this report of the reserve data in the form in which it appears. [ Next Thread | Previous Thread | Next Message | Previous Message ] |