From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Fri Jun 04 2010 - 08:03:20 EDT
Chalice declares maiden gold reserve for Eritrea's Koka deposit
By: Esmarie Swanepoel <http://www.miningweekly.com/author.php?u_id=159>
4th June 2010
PERTH (miningweekly.com) - ASX-listed gold explorer Chalice Gold Mines has
declared a maiden ore reserve of 760 000 oz for its Koka gold deposit, in
Eritrea.
The Koka gold deposit forms part of the Zara gold project, in which Chalice
holds an 80% stake.
The Koka deposit was now estimated to host around five-million tons of ore,
grading at 5,3 g/t gold, for 840 000 contained ounces. The project further
hosted a probable ore reserve of 4,6-million tons, at 5,1 g/t gold for the
760 000 contained ounces.
Chalice said in a statement that the new resource and reserve statement for
the Koka deposit was a critical component of the feasibility study currently
being conducted. The feasibility study was expected to be completed by next
month.
While the current feasibility studies were still under way, Chalice was
aiming to start gold production at the Koka deposit during 2011.
Last week, Chalice said that it would raise A$9,1-million to buy the
remaining 20% stake in the Zara project, from Dragon Mining.
Edited by: Mariaan Webb
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