Monday, 11th February 2008 (2243 views)

Moto Goldmines is considering the development of an underground mining operation at its Moto gold project in the Democratic Republic of the Congo (DRC) after new research increased the site's indicated resources by 47 per cent.

Reserves at the project are now estimated to be 95.3 million tonnes graded at 3.4 g/t gold for 10.3 million ounces of gold. Inferred resources are thought to be 96.5 million tonnes at 3.6 g/t gold for a total of 11.3 million ounces of gold.

The results come from an independent mineral resource estimate carried out by Cube Consulting between February and December last year.

Drilling for the estimate was focussed on the Karagba-Chauffeur-Durba (KCD) mineralisation system, which Moto had previously identified as having "significant potential" for underground extraction.

Moto confirmed that in light of the results, it intends to assess the feasibility of incorporating a high-grade underground mine into its existing operation.

The Moto gold mine is located in the north-east of the DRC, close to deposits that were mined in the 1950s and 1960s and accounted for 60 per cent of the over three million ounces of gold produced in the area.

 

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