LONDON (Alliance News) - Amara Mining PLC on Monday said it has received a mineral reserve update for the Yaoure gold project in the Ivory Coast which has upgraded the estimated minerals in place and increased the grade of the gold at the site.
Amara said the new mineral reserve estimate forecasts 3.2 million ounces of gold in place at a 1.62 grammes per tonne grade. The total ounce estimate is up 22% from the previous study of the West African project, while the grade has been increased by 37%.
The company said the pre-feasibility study optimisation results are expected later in the first quarter of 2016.
"With increased ounces and, most importantly, an improved grade, today's reserve estimate further underscores Yaoure's potential to be a large scale, low cost gold mine. I anticipate that it will deliver significantly stronger economics, even in this lower gold price environment," said John McGloin, Amara's chairman and chief executive.
Amara shares were up 0.2% to 7.26 pence Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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