Wednesday, 10th October 2007 (1514 views)

Committee Bay Resources and Focus Minerals have increased their overall estimates of indicated and inferred gold resources at the Perseverance gold deposit in the Tindals Mining Centre.

The deposit is located in the Coolgardie gold project, an Australian Redemption Joint Venture between the two companies.

Upgrades to the resource estimate have increased the combined inventory of the project to 234,085 inferred ounces and 288,468 indicated ounces of gold.

"Perseverance is a key deposit within the Tindals area, based on its near term production potential, and because our exploration drilling has continued to add high grade gold ounces to the project's resource inventory," said John Williamson, chief executive officer of Committee Bay Resources.

According to the company, the jointly-owned project will now undergo extensive underground delineation drilling to convert the gold resource to a reserve and to provide support to the final design of the site of the underground mine.

Committee Bay and Focus Minerals jointly hold the mineral rights to more than 210 square kilometres of underexplored greenstone tenements in Australia.

 

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