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Friday, 27th March 2009 (1080 views)

Romarco Minerals has announced an updated resource estimate for its flagship project in the US, noting a significant increase.

The Haile Gold Mine in South Carolina was found to contain a total 3.26 million ounces - 65 per cent more than was previously thought.

Included in the result is a measured resource of 1.62 million ounces, with an additional 1.64 million ounces inferred.

The study accounts for drilling up to the beginning of February and president of Romarco Diane Garrett said she is "extremely encouraged" by the success of the project.

"It is important to note that both new drill intercepts and improved understanding of the ore body contribute to a higher average grade," she added.

Earlier this month, the company released a report into a feasibility study at the Haile Gold Mine, showing that the addition of six new holes had expanded resources by around 200,000 ounces.

 

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