31 May 2010 - Bonikro Reserves Update
Lihir Gold Limited (LGL) has updated mineral reserves and resources at its Bonikro operation in Côte d’Ivoire. Reserves
Total ore reserves at 31 March 2010 were 760,000 ounces. This compares with the previous stated reserve of 930,000 oz at October 2006. The movement in reserve is due to the following factors: 1. Mining depletion of 275,000 ounces
2. An increase in the gold price assumption from US$550/oz to US$900/oz
3. Changes to the resource model
4. Pit re-optimisation
5. Changes to cost assumptions
6. Reduction in cut-off grade from 0.6g/t to0.5 g/t The latest reserve estimate does not take into account drilling since November 2009, and does not include any estimates related to the nearby Hiré district. Results received since November will be included in the next estimation which is expected to be completed later this year to coincide with the upgrade of Hiré resources and reserves and as part of the Bonikro expansion feasibility study.
Resources Mineral resources at Bonikro have been updated to 1,224Koz, based on the drilling up to the end of November 2009. This compares with the August 2009 resource estimate of 1,365Koz, which has since been depleted by mining. The updated resource reflects a reduction in the cut-off grade to 0.5g/t from 0.6g/t, in line with the revised gold price assumption of $900/oz, and a revised geological model. “This is a good outcome for the Bonikro operation and underpins its value prior to the completion of the expansion feasibility,” said LGL CEO Graeme Hunt, “and we expect the current drilling program to further enhance the resource base by year end.”
“Bonikro is an important centre for LGL’s operations in Côte d’Ivoire and provides a platform for further growth,” he said. For further information: Download the PDF (171 KB)
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