Amara Mining PLC: Six Million Ounce Mineral Resource At Yaoure Gold Project
13.12.2013 | Marketwire
LONDON, UNITED KINGDOM -- (Marketwired - Dec 13, 2013) - Amara Mining plc ("Amara" or "the Company" or "the Group") (TSX:AMZ), the AIM-listed West African focused gold mining company, is pleased to announce an updated NI 43-101 compliant Mineral Resource estimate for its 100% owned Yaoure Gold Project ("Yaoure") in Cote d'Ivoire.HIGHLIGHTS
- Inferred Mineral Resource of 5.5 million ounces (133Mt at 1.29g/t) representing an increase of 3.3 million ounces 1,2
- Indicated Mineral Resource of 0.8 million ounces (20Mt at 1.20g/t) representing an increase of 0.3 million ounces 1,3
- Mineral Resource remains robust at a lower gold price and includes 0.4 million ounces of oxide material (9.4Mt at 1.33g/t) potentially amenable to low cost heap leach processing 1
- 71% increase in Amara's global Mineral Resources to 3.7 million ounces Measured and Indicated and 6.4 million ounces Inferred
- Minimal discovery cost of US$3.50/oz 4 versus average industry discovery cost in Africa of US$16/oz 5
- Metallurgical testwork has confirmed the simple, non-refractory nature of the gold mineralisation and its amenability to a range of processing options - results received in Q3 2013 also demonstrate robust recoveries for low grade samples
- Location of Yaoure is highly advantageous due to close proximity to Kossou dam, which offers cheap hydro-electric power ("HEP") and abundant water, excellent roads and accommodation
- Preliminary Economic Assessment ("PEA") is anticipated to be completed in Q1 2014, focused on a large scale, long life carbon-in-leach ("CIL") or flotation scenario and a short-term heap leach opportunity
Notes
1. Using a 0.5g/t cut-off and a US$1,500 pit shell. At a 0.8g/t cut-off, the Yaoure Mineral Resource contains 0.6 million ounces Indicated (13.2Mt at 1.48g/t) and 4.6 million ounces Inferred (85.7Mt at 1.65g/t)
2. Previously 2.2 million ounces Inferred using a 0.5g/t cut-off or 1.7 million ounces Inferred at a 0.8g/t cut-off
3. Previously 0.5 million ounces Indicated using a 0.5g/t cut-off or 0.3 million ounces Indicated at a 0.8g/t cut-off
4. Based on total Yaoure exploration expenditure of US$22m between Q4 2011 and H1 2013 (2011: US$1.6m, 2012: US$14.0m, 2013: US$6.4m)
5. Source: MinEx Consulting, July 2012
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