19th Sep 2014 07:43
LONDON (Alliance News) - North River Resources PLC shares were up in early trade on Friday after the group said it has significantly upgraded the underground mineral resources at its Namib Lead Zinc Mine in Namibia.
The company said the latest test results for the site have shown a 36% increase in total underground resources to 1.3 million tonnes.
In addition, the results show an increase in the reported zinc grade to 6.5% and the lead grades to 2.5%.
It said a number of unusually long drill intercepts were encountered in the mine and said a maiden JORC-compliant ore reserve is expected to be formed within weeks.
North River Managing Director Martin French said the company is "especially pleased that these efforts have borne fruit with such a significant increase in total resource, a strong conversion to indicated resource and a good increase in grade".
Shares in the company briefly topped the AIM All-Share in opening trade, before paring back slightly to be up 6.1% to 0.875 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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