22nd Oct 2013 08:39
LONDON (Alliance News) - Sovereign Mines of Africa PLC Tuesday announced a maiden inferred gold resource of 600,000 ounces at its Mandiana-Magana site in the Republic Of Guinea.
The gold resource company, focused on Africa, said the mineral resource estimate, compiled by SRK Consulting UK Limited, will be supported by an independent technical report soon to be published.
The company said that SRK informed it that there are higher grade structures in the deposit which might be mined and milled selectively, which accounts for 420,000 ounces of gold contained within six million tonnes of resources averaging 2.3 grams per tonne of gold.
The company was also informed that a lower grade subtotal of 10 million tonnes of ore averaging 0.6 grams per tonne of gold could be stockpiled for later processing.
Sovereign said that the maiden mineral resource estimate has been classified as inferred at this point until further geometry and testing takes place at the site.
Sovereign Mines Of Africa shares were trading flat at 3.75 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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