Resource Calculation Clarification
I have tried to calculate the indicated resource based on current news release and the release of November 28, 1997.
Confusion is caused by the use of different Gold/Silver ratios.
November 28 used ratio of 57:1, while recent one used 48:1.
The latest reserve figures increased as a result of an increase in both the indicated resource as well as by the change in the ratio.
Using the earlier ratio of 57 would have resulted in a resource of around 640,000 ounces, an increase of 21%. Using the new ratio, the increase is about 40%.
I have used 31 gm/ounce for conversions.
Summary:
97-11-27 Earlier News Release
Gold 223,471 ounces
Silver 16,106,323 ounces or 282,567 ounces gold equivalent
Total Gold Equivalent using ratio of 57 - 506,038
98-01-05 Latest News Release
Gold 279,654 ounces
Silver 20,570,323 ounces or 428,548 ounces
Total Gold Equivalent using ratio of 48 - 708,203
Total Gold Equivalent using ratio of 57 - 640,537
I tried attaching the spread sheet used to do the calculation without success.
Hope this is correct. Antares could try to be clearer in the future.
Gabe |
