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Monday, 26th March 2007 (3001 views)

Western Goldfields has announced that its proven and probable gold reserves have increased to 2.77 million ounces, driven largely by the success of its operations within Imperial County, California.

Currently, the mining firm has drilled 100 holes at its Mesquite Mine site, totalling 78,270 feet, with results from the 73 holes analysed giving an indication of the likely levels of the reserves.

"Results from two holes drilled in the Big Chief zone, and announced in February 2007, clearly demonstrate additional, unrecognised oxide and non-oxide mineralization exists within the proposed mining areas,” said Raymond Threlkeld, Western Goldfield's CEO and president.

"The company is continuing to drill within the Big Chief pit as well as conduct reconnaissance drilling to identify new targets that will further enhance the value of the Mesquite mine."

In addition, it was confirmed that inferred gold resources have increased to 10.9 million tonnes, with an average of 0.016 ounces of gold per tonne, while measured and indicated resources grew to 3.87 million ounces of gold.

 

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