Friday, 27th January 2006 (3301 views)

Fronteer Development Group expects the gold reserves in its Turkish mines to be higher than originally estimated.

The Canada-based precious metals miner announced yesterday (January 26th) that an audit of its Turkish mines had estimated significantly higher gold and silver reserves than initially thought.

Following investigations, Giroux Consultants has increased estimates four fold for the amount of gold and silver in the mines, which are in Kirazli and Agi Dagi.

It is now expected that the mines will hold 461,000 indicated ounces of gold and 1.6 million inferred ounces of gold.

President and CEO Mark O'Dea said that the new estimates were an "important milestone" in assessing the company's achievements in Turkey, as they reduce the discovery costs per ounce to $4.10.

The company expects to resume drilling in March.

 

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