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ABG reveals further resource estimate increase at Nyanzaga

By BFN News | 09:10 AM | Tuesday 03 April, 2012


African Barrick Gold has revealed a further increase to the mineral resource estimate for the Nyanzaga project, with the addition of the Kilimani zone. The company says this continues to increase its confidence that the Nyanzaga project, which comprises the Tusker and Kilimani mineralised zones, has the potential to become its next mine in Tanzania. The inclusion of this near surface, oxide resource in the Kilimani zone and the further expansion of the overall in-pit resource should improve the overall project economics with additional production at the start of the mine life. The in-pit resource has been increased by a further 0.5Moz and is now in excess of 4.6Moz Au, consisting of 3.75Moz at 1.42g/t Au Indicated and 0.85Moz at 1.81g/t Au 'inferred'. The updated modelling now confirms the opportunity to exploit the Tusker and Kilimani mineralised zones in a single open pit, and is another highly encouraging step in the company's overall strategy of realising the potential of its existing portfolio of high quality assets. At 9:10am: (LON:ABG) Abbot Group share price was +3.7p at 390.7p Story provided by StockMarketWire.com