POTENTIAL PRODUCTION INCREASE IDENTIFIED FROM MILLIONAIRES DEPOSIT AT MT MORGANS
- Confirmation of significant open pit and underground mining potential at Millionaires deposit.
- 48,700 ounces of gold added to the target open pit mineable mineral inventory.
- Preliminary study identifies a target open pit mineable mineralisation of 110,099 t @ 6.42 g/t Au for 22,722 oz Au at Millionaires.
- Excellent upside potential for underground resources confirmed.
- Preparation for regulatory approvals to re-open Millionaires mine.
28 September, 2010, Melbourne:
Range River Gold Ltd (ASX: RNG) confirms the open pit mining potential of the Millionaires deposit at Mt Morgans.
The excellent upside potential for underground resources at Millionaires has been confirmed from historical data review.
The total target mineable mineral inventory from recently identified sources has been increased by 390,783 tonnes @ 3.9 g/t Au for 48,700 ounces of gold.
Managing Director, Rick Watsford commented:
The recent results from preliminary open pit mining optimisation at Millionaires add further to options for expanding production at Mt Morgans and continue the progress in the plan to increase production to 100,000 oz Au pa within in five years.
With 48,700 ounces added to the target open pit mineable mineral inventory there is excellent upside potential to increase the planned annual production of 40,000 ounces of gold mined.
These additional open pit ounces would allow Mt Morgans to operate two mining streams; open pit and underground ore. This provides the opportunity to increase output and also provides excellent risk mitigation in the event of a hold up for any reason in one ore stream.
Work is continuing through brown field exploration and assessment of previously mined areas with a view to further increase the inventory of open pit and underground resources.
The excellent outcomes to date are testimony to the strategy that is being successfully implemented by the hard work and technical excellence of our team.
The recent results from preliminary open pit mining optimisation at Millionaires add further to options for expanding production at Mt Morgans and continue the progress in the plan to increase production to 100,000 oz Au pa within in five years.
With 48,700 ounces added to the target open pit mineable mineral inventory there is excellent upside potential to increase the planned annual production of 40,000 ounces of gold mined.
These additional open pit ounces would allow Mt Morgans to operate two mining streams; open pit and underground ore. This provides the opportunity to increase output and also provides excellent risk mitigation in the event of a hold up for any reason in one ore stream.
Work is continuing through brown field exploration and assessment of previously mined areas with a view to further increase the inventory of open pit and underground resources.
The excellent outcomes to date are testimony to the strategy that is being successfully implemented by the hard work and technical excellence of our team.
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