By AGENCIESEAST Africa-focused near-term gold production and exploration company Shanta Gold on Monday said that resources at its New Luika gold mine, in Tanzania, had increased by 52% to 1.48-million ounces at an average grade of 3.22 g/t.
The indicated resources increased by 80% to 0.83-million ounces with an average grade of 3.87 g/t.
The London-listed company’s chairperson Walton Imrie said that the resource increase confirmed the board's view of the quality of the project, as well as validated its decision to concentrate investment and development in Tanzania.
“With the production facilities nearly complete and our first gold pour on target for mid-third-quarter 2012, these are exciting times for Shanta Gold. The coming months will see us further develop our mining plan at New Luika as well as transition from a junior developer to an emerging gold producer," Imrie noted.
Based on the updated mineral resource assessment, the company is currently enhancing the New Luika mine plan and expected this to be completed in the fourth quarter.
The company remains fully funded through the ramp-up period into production.
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