8th Oct 2019 10:07
(Alliance News) - Shares in Altyn PLC jumped on Tuesday following release of a Competent Persons Report for the Sekisovskoye mine in Kazakhstan, revising its resource estimates.
Shares in the gold miner were 23% higher at 0.71 pence on Tuesday in London.
The CPR was put together by Ernst & Young Advisory Services Pty Ltd, which estimated total ore reserves of 33.5 million tonnes.
Proved ore reserves stands at 29.9 million tonnes, containing 3.47 million ounces of gold at a grade of 3.61 grams per tonne, and 5.7 million ounces of silver at a grade of 5.88 grams per tonne.
Meanwhile, probable ore reserves was 3.6 million tonnes, containing 330,000 ounces of gold at a grade of 2.91 grams per tonne, and 550,000 ounces of sliver at a grade of 4.81 grams per tonne.
The CPR also guided for a net present value of the Sekisovskoye mine at USD415.4 million, up from the USD238.6 million estimated in a CPR published in 2014.
The 2014 CPR also guided for probable ore reserves of 2.26 million ounces, of gold, at a grade of 4.09 grams per tonne.
By Dayo Laniyan; [email protected]
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