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PMI set to complete Feasibility Study on Obotan Gold Project after confirming resource inventory

PMIGOLD
12 April 2012 | Business & Finance

Fresh calculation based on extensive infill drilling shows development will be underpinned by 3.11Moz Measured and Indicated and 1.40Moz Inferred Resource

extensional drilling on all four (Nkran, Adubiaso, Abore and Asuadai) Obotan deposits.

The assay results from this drilling program have been incorporated in the final resource estimate undertaken as part of the Feasibility Study that is currently in progress. The estimate comprises:

 Measured Resources: 15.57Mt at 2.47g/t for 1.23 million ounces

 Indicated Resources: 29.21Mt at 2.00g/t for 1.88 million ounces

 Inferred Resources: 21.91Mt at 1.99g/t for 1.40 million ounces

The previous October 2011 resource estimate at Obotan comprised:

 Measured Resources: 14.67Mt at 2.66g/t for 1.22 million ounces

 Indicated Resources: 27.5Mt at 2.32g/t for 2.00 million ounces

 Inferred Resources: 17.54Mt at 2.35g/t for 1.29 million ounces

The latest resource estimate provides further confidence regarding the integrity of the total gold inventory and in particular the integrity, high grade and internal continuity of the Nkran deposit which forms the larger part of the total resource base.

The Feasibility Study remains on track for completion in the middle of this year, with a development decision scheduled for the September Quarter. This would put Obotan on course for full production in calendar 2014.

A revised reserve estimate for Obotan will be undertaken within the next stage of the feasibility study.

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