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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (32136)	2/7/2007 9:41:43 AM
From: LoneClone	Read Replies (1) \| Respond to of 78430

Harmony Upgrades Golpu Project Mineral Resource By Jacqueline Mackenzie 06 Feb 2007 at 12:47 AM EST resourceinvestor.com JOHANNESBURG (I-Net Bridge) -- South African gold miner Harmony Gold [NYSE:HMY] on Tuesday announced an increase in its mineral resource at its Golpu copper gold project in the Morobe Province of Papua New Guinea. The resource now stands at 163 million tonnes at 1.1% Cu, 0.6g/t Au and 132 parts per million containing 3.9 billion pounds of copper, 2.96 million ounces of gold and 47 million pounds of molybdenum, the company said in a statement. This represents an increase of 10% copper metal, 11% gold and 17% molybdenum. The increase in metal is primarily due to definition of a consistent halo of mineralised metasediment around the porphyry. The metasediment resource is a lower grade than the porphyry and thus has the effect of lowering the overall grade of the resource, but importantly, the porphyry core has been confirmed with a slight increase in both volume and metal content, the company said. "The updated resource follows on from completion of a diamond drill hole program designed to further test the mineralisation and gain metallurgical and hydro- geological data for the Pre-feasibility study. The program consisted of 10 PQ/HQ/NQ diamond drill holes completed for a total of 6,947 metres of drilling, of these 3,359 metres intersected the Golpu porphyry and 1,313 metres intersected mineralisation in the surrounding etasediment," the statement noted. Harmony added that continuing pre-feasibility work includes confirmatory drilling on the Link Zone. This programme commenced in December 2006 and results from the first drill hole, WR231, designed to intersect the central portion of the lode returned a result of 49 metres at 10.2 g/t Au, which confirms the broad and high grade nature of this deposit. Drilling is expected to be completed by May 2007 with a new resource model completed soon after. The total resource of Wafi, as previously reported, amounts to 6.52Moz and this excludes the resources of Golpu. The pre-feasibility study for Golpu is due for completion in July 2007 and the integrated report which includes Golpu, NRG1 and Link Zone deposits is due later in the year. As the majority of project development capital will be required for mining of the porphyry stock, it is hoped that the lower grade mineralised metasediment will be economic as only incremental mine development capital will be required for exploitation of the expanded resource, Harmony added. © 2007 I-Net Bridge. All rights reserved I-Net Bridge, Tel: +27-11-280-0644, newsdesk@inet.co.za.