Aussie gold miner Avoca Resources Ltd
(ASX:AVO) has upgraded the reserve and resource estimate at its Higginsville Gold Operation.
The company has increased the mining reserve at Higginsville to 803,000 ounces, and lifted the resource at the operation to 1.57 million ounces.
Managing director Rohan Williams says it is very pleasing that after the production of over 250,000 ounces of gold, the company has been able to increase both the resource and the reserve at Higginsville.
Mr Williams says Avoca remains very confident that it can continue to grow the resource and reserve at Higginsville so as to maintain a production profile at the operation in the 180,000 to 200,000 ounce a year range.
Avoca Resources says combined with the substantial resource base and exploration potential of the South Kalgoorlie assets recently acquired in the Dioro transaction, the company believes that achieving a combined annual production rate of 400,000 ounces a year by fiscal 2013 is a realistic goal for Avoca.
Avoca Resources has posted net losses over the last three fiscal years.
