TIDMHGM
RNS Number : 6303F
Highland Gold Mining Limited
22 February 2018
HIGHLAND GOLD MINING LIMITED
22 February 2018
Mineral Resources and Ore Reserves Update as at 31 December
2017
Highland Gold Mining Limited ("Highland Gold" or the "Company",
AIM: HGM) is pleased to report its Ore Reserves and Mineral
Resources in accordance with the JORC Code as at 31 December
2017.
HIGHLIGHTS
-- Highland Gold's Ore Reserves (proven and probable) increased by 56% to 5.1Moz of gold and gold equivalent from
3.3 Moz on 31 December 2016* following updated estimates for each of the Company's producing assets and its main
development project, Kekura.
-- Mineral Resources (measured, indicated and inferred) increased by 6.6% to 17.2 Moz of gold and gold equivalent as
compared to 16.1 Moz on 31 December 2016*.
-- The average grade in Ore Reserves was lowered to 3.3 g/t as compared to 8.0 g/t on 31 December 2016, reflecting
lower cut-off grades and increased ore tonnage at Novo and Belaya Gora, plus the addition of Blagodatnoye.
-- Updated resource estimates published last year for MNV, reflecting extensive near-mine exploration, and Novo,
reflecting a reduced cut-off grade, added more than 800k oz of gold and gold equivalent to overall Ore Reserves.
-- A resource update included in the pre-feasibility study for a combined Belaya Gora and Blagodatnoye operation
more than tripled gold reserves to 932k oz versus previously reported figures for Belaya Gora alone, reflecting
both the addition of Blagodatnoye and a 60% increase in Belaya Gora ore.
-- A resource update for Kekura, published together with a definitive feasibility study for the project, featured an
18% increase in gold reserves to 2.0 Moz.
Highland Gold Mineral Resources**
in accordance with the JORC Code as at 31 December 2017
Classification Ore Gold Gold
tonnes g/t oz
===================== ============ ===== ===========
Measured 38 335 596 3.0 3 619 242
Indicated 116 901 541 3.0 11 297 258
===================== ============ ===== ===========
Measured +Indicated 155 237 137 3.0 14 916 500
Inferred 23 851 205 3.0 2 265 290
===================== ============ ===== ===========
Total 179 088 342 3.0 17 181 791
Highland Gold Ore Reserves
in accordance with the JORC Code as at 31 December 2017
Classification Ore Gold Gold
tonnes g/t oz
=================== =========== ===== ==========
Proven 15 049 783 3.5 1 697 888
Probable 33 724 397 3.1 3 402 184
=================== =========== ===== ==========
Proven + Probable 48 774 180 3.3 5 100 072
* Mineral Resources and Ore Reserves as at 31 December 2016 as
reported in the Company's annual report.
** Mineral Resources are reported inclusive of ore reserves.
The full Mineral Resources and Ore Reserves statement including
data for each mine is available on the Highland Gold website
(www.highlandgold.com).
Mr. Andrey Sevryugin, Senior Specialist in the Geology and
Subsoil Use Department at Highland Gold, has reviewed and verified
the information contained in this release with respect to mineral
resources. Mr Sevryugin is an Expert of the Russian Society of
Subsoil Use Experts (OERN) and has sufficient experience relevant
to the style of mineralisation and type of deposit under
consideration to qualify as Competent Persons as defined in the
JORC Code 2012 Edition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Highland Gold Mining Ltd. John Mann, Head of Communications
+ 7 495 424 95 21
Duncan Baxter, Non-Executive Director
+ 44 (0) 1534 814 202
Numis Securities Limited John Prior, James Black, Paul Gillam
(Nominated Adviser and Joint Broker) +44 (0) 207 260 1000
BMO Capital Markets Jeffrey Couch, Neil Haycock, Pascal Lussier Duquette
(Joint Broker) +44 (0) 207 236 1010
Peat & Co Charlie Peat
(Joint Broker) +44 (0) 207 104 2334
Glossary
JORC - Widely accepted standard for reporting mineral resources
and ore reserves established by the Australasian Joint Ore Reserves
Committee.
Mineral Resource - concentration or occurrence of solid material
of economic interest in or on the Earth's crust in such form, grade
or quality and quantity that there are reasonable prospects for
eventual economic extraction. The location, quantity, grade or
quality, continuity and other geological characteristics of a
Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling.
Inferred Mineral Resource- that part of a Mineral Resource for
which quantity and grade or quality can be estimated on the basis
of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is
based on limited information and sampling gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes.
Indicated Mineral Resource - that part of a Mineral Resource for
which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.
Measured Mineral Resource- that part of a Mineral Resource for
which quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated
with confidence sufficient to allow the appropriate application of
technical and economic parameters, to support production planning
and evaluation of the economic viability of the deposit. The
estimate is based on detailed and reliable exploration, sampling
and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely enough to confirm both geological and
grade continuity.
Ore Reserve - the economically mineable part of a Measured or
Indicated Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on
mining, processing, metallurgical, economic and other relevant
factors that demonstrate, at the time of reporting, that economic
extraction can be justified. A Mineral Reserve includes diluting
materials and allowances for losses that may occur when the
material is mined.
Probable Ore Reserve - the economically mineable part of an
Indicated and, in some circumstances, a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility Study. This
Study must include adequate information on mining, processing,
metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can
be justified.
Proven Ore Reserve - is the economically mineable part of a
Measured Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on
mining, processing, metallurgical, economic, and other relevant
factors that demonstrate, at the time of reporting, that economic
extraction is justified.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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