Centamin identifies high grade ore at Sukari Gold Mine

18th Dec 2013 07:14

Centamin said on Wednesday it has identified regions of high grade ore at its Sukari Gold Mine in Egypt.However, the group reported a 19% fall in total combined open pit and underground reserve of 8.2m ounces, compared to 10.1m ounces at December 31st 2011, reflecting higher international fuel prices. "As expected there has been some impact on the overall reserve from the higher international fuel price environment that Sukari has operated under since Q1 2012," said Chairman Josef El-Raghy."However, it is pleasing to note that the underground drilling campaign, which has escalated steadily during 2013, has started to outline substantial regions of high grade ore. It is our expectation that this trend will continue as underground development is expanded and the multiple high-grade drill targets at Sukari are tested and defined over the coming months and years."Total measured and indicated resource came to 13.4m ounces, compared to 13.1m ounces previously, comprising open pit resource of 12.6m ounces and underground resource of 0.8m ounces.Underground reserve was at 2.3m tonnes, up 120% on the 1.1m tonnes reported at the end of December 2011. The company said underground proven component of the mineral reserve of 0.52m tonne grading 11.4 grams per tonne gold provides support that further higher grades will continue to be defined as drilling and development continues.RD