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(Alliance News) - Resolute Mining Ltd on Monday unveiled a "major" upgrade to resources and reserves at the Ravenswood gold mine in Queensland, Australia.
Resolute only joined the London Stock Exchange in June, with a market capitalisation of around GBP459 million. Shares were 5.2% higher on Monday morning at 102p each.
The ore reserve has been boosted by 58%, to 2.7 million ounces, with the mineral resources rising 245 to 5.9 million ounces. These upgrades are "impressive", Resolute said, and comes after recent drilling and study work.
The Ravenswood mine produced 35,890 ounces of gold in the year to June 2018, out of total production of 284,185 ounces.
Chief Executive & Managing Director John Welborn said: "One million additional ounces of gold in ore reserves at Ravenswood is an excellent outcome from our recent drilling programs and study work. Available gold resources at Ravenswood now exceed five million ounces demonstrating its status as an outstanding Australian gold mine."
"With almost three million ounces of gold in ore reserves we are now directing our ongoing study work to focus on an optimised Ravenswood expansion project that can produce around 200,000 ounces annually over a 15-year mine life," Welborn continued.
"The expanded gold inventory demonstrates Ravenswood presents a unique opportunity for transformation into a large scale, low-cost operation with an exceptionally long mine life that will deliver considerable economic benefits to the Ravenswood community, the Queensland government, and Resolute shareholders."
Resolute hopes to finish the expansion review at Ravenswood during 2019, and will update the market once that is done.