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Wednesday, 21st June 2006 (3298 views)

Glamis Gold has revised its estimates of proven and probable gold reserves for its Penasquito project in Mexico, according to The Globe and Mail.

The new estimates show that Glamis' previous estimates were half the current total of gold reserves thought to be at the site in the Mexican province of Zacatecas, totalling just under 10 million ounces of gold.

At the same property, the company reported an 86 per cent rise in estimates of proven and probable silver reserves, now at around 575 million ounces.

Commenting on the findings of the latest exploratory drilling venture at the Mexican site, company president and chief executive, Kevin McArthur, told the Globe and Mail: "With this update, company-wide gold reserves have nearly tripled in 2006.

"Our team is now fully engaged at the site and we are excited to begin work on the ground," he added.

The Canadian company's shares rose by over seven per cent on its home stock exchange of Toronto this morning (Wednesday, June 21) as a result of the announcement.

 

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