Hi John et al
The market seems to like the news
Eldorado ups gold reserve estimate, stock jumps
Monday September 15, 11:49 am ET
VANCOUVER, British Columbia, Sept 15 (Reuters) - Eldorado Gold Corp. (Toronto:ELD.TO - News) said on Monday it boosted minable reserves at its wholly owned Kisladag gold project in Turkey by 11 percent to 5.1 million ounces.
The Vancouver-based junior gold producer said the increase came after a further 7,057 metres (23,155 feet) of drilling that converted inferred resources to reserves, following the completion of a feasibility study on the project in western Turkey.
The news pushed Eldorado stock ahead 12 Canadian cents, or 3.4 percent, to C$3.34 by late morning, outperforming an otherwise flat Toronto gold index.
Kisladag is one of the few large gold projects around the world being developed into a mine. If all goes according to plan it should start producing late next year.
At a time when the gold industry is facing declining reserves, investors have grown enthusiastic about firms with robust growth profiles. As a result, Eldorado's stock has nearly doubled in value this year.
In addition to the 521,000 ounce increase in estimated reserves at Kisladag, Eldorado also estimates a measured and indicated resource of 7.2 million ounces and an inferred resource of 1.2 million ounces at a cutoff grade of 0.4 grams per tonne of gold.
While mineral reserves might be economically mined, resources do not have demonstrated economic viability, and are usually based on fewer and more widely spaced drill holes. |
