LONDON (Alliance News) - Highland Gold Mining Ltd on Monday said the new ore reserve estimate at its Mnogovershinnoye mine in Russia supports extending the life of the mine by seven years.
Proven and provable gold contained in ore reserves stood at 771,569 ounces on January 1, following an updated audit by Micon International Co Ltd. This compares to a 452,866 ounce estimate published in 2017.
The new ore reserve estimate, said Highland Gold, supports extending the life of the mine to 2029 from 2022.
The reserve grade at Mnogovershinnoye was dropped to 2.7 grams of gold per tonne of ore, from 5.5. This, Highland Gold said, was to reflect "lower cut-off grades and an increase in ore volume from 2.7 million tonnes to 9.1 million tonnes".
This new grade is in line with the average grade mined at Mnogovershinnoye in recent years, the company said.
Shares in Highland Gold were up 3.2% at 156.00 pence on Monday morning.