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African Barrick Gold (Tanzania) adds Kilimani zone to its Nyanzaga stakes

4th April 2012
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The African Barrick Gold (ABG) has announced a further uplift to the previously declared mineral resource estimate for the Nyanzaga Project, with the addition of the Kilimani zone.

The move according to the authorities of the company continues to increase confidence that the Nyanzaga project, which comprises the Tusker and Kilimani mineralised zones, has the potential to become the next mine in Tanzania.

A statement availed yesterday to this paper stated that the inclusion of this near surface, oxide resource in the Kilimani zone and the further expansion of the overall in-pit resource should improve the overall project economics with additional production at the start of the mine life.

“The in-pit resource has been increased by a further 0.5Moz and is now in excess of 4.6Moz Au, consisting of 3.75Moz at 1.42g/t Au indicated and 0.85Moz at 1.81g/t Au inferred,” it stated.

According to the company, the updated modelling now confirms the opportunity to exploit the Tusker and Kilimani mineralised zones in a single open pit, and is another highly encouraging step in the company’s overall strategy of realising the potential of its existing portfolio of high quality assets.

ABG said since announcing the updated mineral resource for the Nyanzaga project in January 2012, desktop scoping work has focused on the modelling of the Kilimani near-surface resource, whilst field activities have focused on continuing geotechnical, hydrology and metallurgical drill programmes to allow them to better constrain the open pit model.

“As a result of the addition of the Kilimani resource we have been able to re-model the open pit resource, which has resulted in a larger, single pit incorporating both the Tusker and Kilimani resource areas,” the statement said.

Commenting on the expanded Mineral Resource at Nyanzaga, CEO Greg Hawkins said:

“The addition of near surface, oxide ounces and resulting further expansion of the overall deposit further increases our confidence in the potential for Nyanzaga to become our next mine in Tanzania. Not only does it add to the overall scale of the deposit but it further improves the economics with an improved production profile early on in the life of the project.”

 

SOURCE: THE GUARDIAN
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