INCREASE IN MINERAL RESOURCE CONTINUES GROWTH PLAN
?Increased Mineral Resource by 13% to 604,600 ounces (oz) of gold (Au).
?Determined initial Ore Reserves of 765,550 t @ 5.9 g/t for 145,200 oz Au.
?Achieved a very low discovery cost of less than A$5/oz Au.
?Continuation of growth plan to produce 100,000 oz Au per annum within five years.
Monday 1 November 2010, Melbourne:
Range River Gold Ltd (ASX: RNG) has increased Mineral Resources by 13% to 604,600 oz Au for the Mt Morgans operation located near Laverton, Western Australia. An initial Ore Reserve has been determined at 145,200 oz Au. Managing Director, Rick Watsford commented:
The 13% increase to 604,600 oz Au in Mineral Resource for Mt Morgans continues the growth plan for the Mt Morgans operation. The growth plan is to increase annual production to 100,000 oz Au pa within five years through extensional and brown field exploration.
The discovery cost of the incremental 68,940 oz Au was very low at less than A$5/oz. The additional Mineral Resources were identified, drill tested and evaluated in the four months since 30 June 2010.
The excellent outcome highlights the low cost, low risk and short lead time of discovery at Mt Morgans. This result also confirms our confidence in achieving the growth plan. Further increases to Mineral Resources and Ore Reserves are expected from Mt Morgans as the Company continues its exploration program and moves toward increasing annual production to 100,000 oz pa. The increase in Mineral Resource highlights the excellent exposure of Range to a rising gold price through discovery and development of near mine extensional resources.
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