15th Sep 2015 15:12
LONDON (Alliance News) - Pan African Resources PLC on Tuesday said the abridged mineral resource and mineral reserve report has been published.
The Africa-focused precious metals producer said the report shows 0.3 million ounce increase in its gold reserve to 10.4 million ounces.
The increase in gold reserves was due to the extension of the Main Reef Complex orebody on Fairview Mine at Barberton Mines in South Africa.
It showed a 1.6 million ounce decrease in its gold resource to 31.9 million ounces.
There was a 20,000 million ounce decrease in its platinum group elements reserve to 0.5 million ounces.
There was no material change in its platinum group elements resource of 0.6 million ounces.
"Exploration drilling and organic growth in accessing and development of orebodies at the group's key assets progressed and has incremental resource ounces added," the company's statement said.
Ongoing conversion of resources to reserves is expected to continue to increase the life of mine production profiles, the company's statement added.
Shares in Pan African Resources were up 2.9% at 7.00 pence on Tuesday afternoon in London.
By Samuel Agini; [email protected]; @samuelagini
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