2 Aug 2011 07:00
JORC COMPLIANT RESOURCE & RESERVE AUDIT RESULTS AT MNOGOVERSHINNOYE MINE
2 August 2011 - Highland Gold Mining Limited ("Highland Gold", or the "Company" AIM: HGM) is pleased to announce updated resources and reserves at its Mnogovershinnoye Mine (MNV) in the Khabarovsk region, Russia resulting from an independent JORC compliant audit carried out by Micromine Consulting Services (MCS, a division of Micromine Pty Ltd) between June 2010 - July 2011. This report confirms a 190% increase in proven and probable reserves at MNV compared to those stated in the Company's Annual Report & Accounts 2010 and supports MNV's current life of mine plan which extends through to 2016.
MINERAL RESOURCES REPORTED IN ACCORDANCE WITH JORC | |||||||
Project Name | Classification | Ore, tonnes | Gold, g/t | Contained gold, ounces | Highland's interest (%) | Gold ounces attributable to Highland | |
MNOGOVERSHINNOYE | Measured | 4,789,000 | 4.52 | 695,935 | 100% | 695,935 | |
Indicated | 1,332,000 | 4.47 | 191,426 | 100% | 191,426 | ||
Measured +Indicated | 6,121,000 | 4.50 | 887,361 | 100% | 887,361 | ||
Inferred | 3,294,000 | 4.40 | 465,575 | 100% | 465,575 | ||
Total * | 9,415,000 | 4.47 | 1,352,936 | 100% | 1,352,936 | ||
RESERVES REPORTED IN ACCORDANCE WITH JORC | |||||||
Project Name | Classification | Ore, tonnes | Gold, g/t | Gold Ounces attributable to Highland | |||
Contained Gold, ounces | Highland's interest (%) | ||||||
MNOGOVERSHINNOYE | Proven | 3,343,000 | 4.60 | 494,414 | 100% | 494,414 | |
Probable | 818,000 | 4.86 | 127,896 | 100% | 127,896 | ||
Proven + Probable | 4,161,000 | 4.65 | 622,310 | 100% | 622,310 | ||
·; - resources are inclusive of reserves, reserves are calculated at US$ 1100 /oz
- totals are rounded to the nearest whole number
- January - July 2011 depletion is not included
Exploration diamond drilling continues at several underground and surface locations within the MNV license (16,000 metres and 8,000 metres budgeted in 2011 respectively) where minimal historical work had previously been carried out. As a result of this ongoing exploration work it is expected that some current resources will be upgraded into the reserve category and new resources discovered.
Micromine Pty Ltd consultants Mr. Sergey Drozdov (Professional Member of the Australian Institute of Geoscientists) and Mr.Oleg Nesterov (Professional Member of The Australasian Institute of Mining and Metallurgy) have provided and verified information contained in this release with respect to drilling and resource / reserves. They are qualified as Competent Persons as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
For further information please contact:
Highland Gold | Dmitry Yakushkin, Head of Communications + 7 495 424 95 21 |
Duncan Baxter, Chairman + 44 (0) 1534 814 202 | |
Matrix | Robin Henshall, Partner +44 (0) 20 3206 7172 |
(Nominated Adviser and Broker) | Nick Stone +44 (0) 20 3206 7343 |
Fin Public Relations | Alex Glover + 44 (0) 20 7608 2280 |