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Monday, 25th June 2007 (2929 views)

Proven and probable gold reserves at Goldcorp's Penasquito project in Mexico have been upgraded.

According to the gold exploration company, the figure has increased by 31 per cent to 13 million ounces of gold.

Moreover, measured and indicated gold resources, including proven and probable reserves, increased by 39 per cent to 17.8 million ounces at its Penasquito mine, the company revealed.

"In addition to growing Penasquito's proven and probable gold reserves by 30 per cent, we have discovered a high-grade manto/skarn zone at depth which validates our exploration model and could develop into an eventual underground mine," said Kevin McArthur, president of Goldcorp.

Furthermore, at its Eleonore property the company has reported initial indicated gold resources of 1,834,900 ounces at an average grade of 7.4 grammes of gold per tonne and an initial inferred gold resource of 929,100 ounces at an average grade of 7.1 grammes of gold per tonne.

According to Goldcorp, construction progress at Penasquito remains on schedule to commence the first milling and flotation circuit toward the end of 2009.

 

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