TIDMCEY
RNS Number : 6493Y
Centamin PLC
10 September 2015
For immediate release 10 September 2015
Centamin plc ("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
Updated Resource and Reserve Statement - Correction
[There was an error in today's earlier release in the Tonnes and
Grade columns within the Total Combined (Open Pit and Underground)
Mineral Reserve table. This has now been corrected.]
Centamin is pleased to provide an update to its Mineral Resource
and Mineral Reserve estimates for the Sukari Gold Mine, as at 30
June 2015, as outlined below.
Highlights
-- Total Measured and Indicated Mineral Resource estimate of 13
million ounces (Moz) gold, is reported as an open pit resource at a
0.3g/t cut-off grade. This total is inclusive of the 1.0 Moz
underground resource.
-- Total combined open pit and underground Mineral Reserve
estimate of 8.8 Moz, which is an increase of 7% from the previous
8.2 Moz at 30 September 2013. The increase is due to lower
operating mining and processing costs associated with lower
international fuel prices, and continued drilling from underground
to move ounces up through the resource categories and increase the
underground reserve.
-- Open pit and surface stockpile reserve estimate of 8.3 Moz.
-- Underground reserve estimate of 2.7 million tonnes (Mt) containing 0.5 Moz.
-- Resource and reserve definition continues in parallel with
expanding underground infrastructure, targeting higher grade
areas.
Total Mineral Resource for the Sukari Gold Mine
Measured Indicated Total Measured Inferred
& Indicated
-------- ---------------- ---------------- ------------------------- -------------------------
Cut-off Tonnes Grade Tonnes Grade Tonnes Grade Gold Tonnes Grade Gold
(g/t) (Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
0.3 198 1.05 188 1.02 386 1.03 12.9 33 1.0 1.1
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
0.4 160 1.22 152 1.18 312 1.20 12.0 26 1.2 1.0
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
0.5 133 1.38 124 1.34 257 1.36 11.2 21 1.3 0.9
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
0.7 95 1.69 87 1.66 182 1.68 9.8 15 1.7 0.8
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
1.0 62 2.14 56 2.12 118 2.13 8.1 9 2.1 0.6
-------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Notes to Table:
-- Totals may not equal the sum of the components due to rounding adjustments.
-- The Mineral Resource estimate is based on the open pit mined
surface as at 30 June 2015 and adjusted for underground mine
workings as at 30 June 2015.
-- All available assays as at February 2015.
-- Resource data set comprises 252,449 two metre down hole
composites and surface rock chip samples.
-- Mineral Resources are reported inclusive of those resources
converted to Proven and Probable Mineral Reserves.
-- The resources are estimates of recoverable tonnes and grades
using Multiple Indicator Kriging with block support correction.
-- Measured Resources lie in areas where drilling is available
at a nominal 25 x 25 metre spacing, Indicated resources occur in
areas drilled at approximately 25 x 50 metre spacing and Inferred
resources exist in areas of broader spaced drilling.
-- The resource model extends from 9700mN to 12200mN and to a
maximum depth of 0mRL (a maximum depth of approximately 1,000
metres below wadi level).
Underground Mineral Resource for the Sukari Gold Mine (included
within the total resource above)
Tonnes Grade Gold
('000 (g/t) ('000
t) oz)
----------- ------- ------- -------
Measured 1,850 6.5 390
----------- ------- ------- -------
Indicated 2,820 7.0 630
----------- ------- ------- -------
Total
M&I 4,670 6.8 1,020
----------- ------- ------- -------
Inferred 6,970 5.6 1,240
----------- ------- ------- -------
Notes to Table:
-- Totals may not equal the sum of the components due to rounding adjustments.
-- The Mineral Resource is reported above 2g/t within interpreted mineralised domains.
-- The Mineral Resource estimate is depleted by underground mine workings as at 30 June 2015.
-- All available information has been used including mapping
from underground mining and assays as at June 2015.
-- Available resource data resulted in 21,369 one metre down
hole composites used for grade estimation.
-- The Mineral Resources were estimated utilising a single
Indicator weighted Kriging method (IK) to estimate gold for each of
the mineralisation domains.
-- Measured Mineral Resources are defined by a drill spacing of
at least 20m x 20m and confined to the interpreted mineralisation
defined by underground mine development. Indicated Mineral
Resources are defined as areas outside the Measured Mineral
Resource and defined by approximately 20m x 20m drill spacing.
Inferred Mineral Resources include all remaining estimated
mineralisation defined by a drill spacing of approximately 50m x
50m.
-- Mineral Resources are reported inclusive of those resources
converted to Proven and Probable Mineral Reserves.
-- The underground resource is located within the boundaries of
the open pit resource, and is included within that total.
Total Combined (Open Pit and Underground) Mineral Reserve for
the Sukari Gold Mine.
Proven Probable Mineral Reserve
------------- ---------------- ---------------- -------------------------
Tonnes Grade Tonnes Grade Tonnes Grade Gold
(Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Moz)
------------- ------- ------- ------- ------- ------- ------- -------
New Reserve
(1-4) 152 1.05 101 1.15 253 1.09 8.8
------------- ------- ------- ------- ------- ------- ------- -------
Previous
Reserve(5) 119 1.06 111 1.17 230 1.11 8.2
------------- ------- ------- ------- ------- ------- ------- -------
Notes to Table:
-- Totals may not equal the sum of the components due to rounding adjustments
(1) Total includes:
Open pit Mineral Reserve = 229Mt @ 1.09g/t for 8.0Mozs
Underground Mineral Reserve = 2.7Mt @ 6.0g/t for 0.5Mozs
Stockpiles = 21Mt @ 0.42g/t for 0.3Mozs
(2) Based on open pit mined surface as at 30 June 2015,
underground mine workings as at 30 June 2015, and a gold price of
US$1,300 per ounce
(3) Ultimate open pit design has a waste to ore ratio of
5.9:1.
(4) See additional notes in tables below for the underground and
open pit Mineral Reserves
(5) As at 30(th) September 2013 at US$1,300 per ounce
Open Pit Mineral Reserve by Classification
The component of the combined reserve, as outlined above, that
relates to the open pit operation is summarised below.
Reserve Tonnes Grade Gold
Classification (Mt) (g/t (Moz)
Au)
----------------- ------- ------ -------
Proven 130 1.11 4.6
----------------- ------- ------ -------
Probable 99 1.07 3.4
----------------- ------- ------ -------
Stockpile 21 0.42 0.3
----------------- ------- ------ -------
Total 250 1.03 8.3
----------------- ------- ------ -------
Notes to Table:
-- Totals may not equal the sum of the components due to rounding adjustments.
-- Based on mined surface as at 30 June 2015 and a gold price of US$1,300 per ounce.
-- International diesel price reductions allowed a lower diesel
price assumption, resulting in a lowering of the mining cost and
the CIL processing costs.
-- Diesel price used was US$0.70/litre and the previous diesel
price was US$0.84/litre, current fuel price for Sukari is
US$0.52/litre
-- Cut-off grades (gold): CIL oxide 0.40g/t, CIL transitional
0.42g/t, CIL sulphide 0.42g/t, Dump Leach oxide 0.08g/t.
-- Designed underground reserves detailed below do not form part of the open pit reserve.
Underground Mineral Reserve by Classification
The component of the combined reserve, as outlined above, that
relates to the underground operation is summarised below.
Reserve Tonnes Grade Gold
('000 (g/t ('000
t) Au) oz)
---------- ------- ------ -------
Proven 1,020 6.1 200
---------- ------- ------ -------
Probable 1,700 5.9 320
---------- ------- ------ -------
Total 2,720 6.0 520
---------- ------- ------ -------
Notes to Table:
-- Totals may not equal the sum of the components due to rounding adjustments.
-- Based on underground mine workings as at 30 June 2015.
-- Stopes for reserves estimation are designed using a 3g/t
cut-off and mining dilution applied at 15% @ 0.8g/t as all stopes
are located in mineralised porphyry and 10% mining loss is then
assumed to allow for stope bridges and material left in stopes
after mining.
(MORE TO FOLLOW) Dow Jones Newswires
September 10, 2015 03:21 ET (07:21 GMT)
Centamin (LSE:CEY)
Historical Stock Chart
From Apr 2024 to May 2024
Centamin (LSE:CEY)
Historical Stock Chart
From May 2023 to May 2024