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Wednesday, 25th July 2007 (2861 views)

Gold mining company IAMGold has announced a new resource estimate for its Buckreef project in the Lake Victoria goldfields region of northern Tanzania.

Measured and indicated resources at the site now stand at 16.7 million tonnes at an average grade of 1.9 grammes per tonne (g/t) of gold for 1.0 million ounces of gold, an increase of nine per cent from resources measured in December 2006.

The total measured and indicated resources on the Buckreef project at a one g/t cut-off is 16 million tonnes at an average of 1.9 g/t of gold for one million ounces of gold and an inferred resource of 10.9 million tonnes with 2.4 g/t of gold for 0.8 million ounces of gold.

"These results further our understanding and confidence in this resource. With continued exploration and resource development, including the evaluation of processing options, this project is moving toward the pre-feasibility stage of development," commented Joseph Conway, president of IAMGold.

He added that IAMGold is expected to announce the initiation of a pre-feasibility study in the region before the beginning of 2008.

IAMGold has gold properties in; South America - Rosebel and Omai; Canada - Sleeping Giant and Doyon Division; and Africa - Yatela, Sadiloa, Damang, Tarkwa and Mupane.

 

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