4th Feb 2015 07:37
LONDON (Alliance News) - Kefi Minerals PLC Wednesday said the indicated resource at the Tulu Kapi gold deposit in Ethiopia has been updated, resulting in a slight increase in contained gold.
The JORC-indicated resource of the project has increased to 18.8 million tonnes at 2.67 grammes of gold per tonne for 1.62 million ounces of contained gold. This compares to the previous resource of 18.4 million tonnes at 2.57 grammes of gold per tonne for 1.52 million ounces of contained gold.
Joint Ore Reserves Committee produces the Australian code for the reporting of exploration results, mineral resources and ore reserves.
The updated resource was part of the refined definitive feasibility study for the Tulu Kapi project which will be used to secure financing for the project, and Kefi said this is undergoing completion. Kefi will use the updated resource as a base to complete a refined pit design, mine scheduling and make an ore reserve estimation, said the company.
"Over the next few months we will finalise our development plans, taking into consideration contract mining submissions and existing process plants for sale. We are also on track for obtaining the requisite licensing, community resettlement, team building and financing," said Executive Chairman Harry Anagnostaras-Adams.
By Joshua Warner; [email protected]; @JoshAlliance
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