Australian based gold mining and exploration company Kingsgate Consolidated Ltd
(ASX:KCN) has increased the ore reserve estimates at the Chatree Mine in central Thailand.
The company says interim ore reserves increased to 1.5 million ounces of gold in 37.1 million tonnes of ore at a grade of 1.2 grams a tonne of gold as at June 30 2009.
This equates to a rise of 14 per cent after mining depletion over the past year, replacing the ounces of gold mined at almost twice the mining rate of the past year.
The company says it re-commenced drilling at the Chatree North mine in late 2008 after a hiatus of over two years.
Kingsgate says the estimates are still interim as the ongoing drilling program is projected to continue for another 2-3 years within the mining leases.
Kingsgate Consolidated reported net profit of $32.52 million for 2009.
