Last checked at 23 Feb 2009 07:05
Fresnillo Plc
28 Grosvenor Street
London W1K 4QR
United Kingdom
www.fresnilloplc.com
23 February 2009
Fresnillo plc announces record reserves and resources
for the year ended 31 December 2008
Fresnillo plc, the world's largest primary silver producer and Mexico's second largest gold producer, is pleased to announce that reserves and resources substantially increased in both silver and gold mines in 2008.
Total reserves and resources for Fresnillo's mines and exploration projections for the year ended 31 December 2008, as audited by SRK, is as follows:
| Total Reserves (Proven and Probable) Consolidated Statement for the year ended 31 December 2008 | |||||
| | Quantity (Mt) | | Silver (Moz) | | Gold (Moz) |
| 2007 | 99.2 | | 408.6 | | 3.7 |
| 2008 | 125.4 | | 410.0 | | 4.1 |
| Difference | +26.4% | | +0.3% | | +10.8% |
| Total Resources (Measured and Indicated and Inferred) Consolidated Statement for the year ended 31 December 2008 | |||||
| | Quantity (Mt) | | Silver (Moz) | | Gold (Moz) |
| 2007 | 291.1 | | 836.9 | | 9.5 |
| 2008 | 389.4 | | 1,115.9 | | 12.0 |
| Difference | +33.8% | | +33.3% | | +26.3% |
For further information please visit www.fresnilloplc.com or contact:
Fresnillo plc
London Office
Octavio Alvidrez, Head of Investor Relations Tel: +44(0)20 7399 2470
Mexico City Office
Gabriela Mayor Tel: +52555 279 3203
Brunswick Tel: +44(0)20 7404 5959
Patrick Handley
Carole Cable
About Fresnillo plc
Fresnillo Plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London Stock Exchange under the symbol FRES.
Fresnillo has three producing mines, all of them in Mexico - Fresnillo, Ciénega and Herradura; two advanced development projects - Fresnillo II, Soledad & Dipolos; and three exploration prospects - San Juan, San Julian, Orysivo, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.7 million hectares in Mexico.
Fresnillo has a strong and long tradition of mining, a proven track record of mining development and reserves replacement, and a low cost of production, being in the lowest quartile of the cost curve for both silver and gold.
Fresnillo intends to maintain its position as the world's largest primary silver producer with the aim of approximately doubling production, on a silver equivalent ounce basis by 2018.