GOLD AND SILVER RESERVES OF TOUKHMANUK
news.am
Oct 28 2009
Armenia
Global Gold Corporation declares the first stage of reserves’ approval
for its Toukhmanuk expansion. October 27, RA State Natural Resources
Agency issued its certificate based on Agency’s State Geological
Expert Commission proposal submitted in the course of October 23,
2009 session, GGC website informs Oct. 27.
According to the Agency’s release, the total approved reserves in the
C1 and C2 categories are approximately 35.614 t. (1.145.000 ounces)
of gold and 107 t. (3.440.000 ounces) of silver. The approved reserves
are in strict conformity with the International Standards’ requirements
for Measured & Indicated reserves.
The Agency’s commission members say the total approved ore reserve is
roughly 21,900 t. with an average gold grade of 1.62 grams per t. at
a cut off grade of .08 grams per t. and an average silver grade of
4.88 grams per t.
"GG has tested only about 20% of the area, which will extend to more
than 1.5 km along strike. There are other similar target areas where
additional exploration will be necessary. The Company plans to expand
production to 15.000 ounces per year in 2010 and then to an industrial
production level of over 100.000 ounces per year," the paper reads.