Wednesday, 24th January 2007 (2349 views)

Lihir Gold has managed to boost its reserves by 4.4 million ounces at its mine in Papua New Guinea due to an increase in the long-term gold assumption for the life of the mine.

The firm has reported a 23 per cent increase in reserves which takes the new total to 23.6 million ounces and also goes some way to confirming the quality of the ore project and the value of the mine.

Arthur Hood, chief executive officer at Lihir Gold, said: "Lihir remains one of the great gold mines in the world, with a long mine life ahead of it and significant potential for further growth."

Of this new reserve estimate, 3.8 million ounces are proven reserves and are in stockpiles at an average grade of 2.57 grams of gold per tonne.

To put these reserves into perspective: you could equate 3.8 million ounces of gold as enough fuel for production to continue at a large gold mill for a duration of two years.

Lihir's mining capability far surpasses its current processing capability with around two million tonnes of ore a year mined.

 

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