UPDATE: Gold Reach Reports Increased Resource Estimates at Seel, But Shares Fall 6%

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Gold Reach Resources Ltd. (GRV.V) today announced an updated resource estimate for the Seel and West Seel deposit.

SEEL-WEST SEEL HIGHLIGHTS

- Contained copper equivalent increases substantially to 2.8 Billion lbs inferred plus 0.58 Billion lbs indicated.


- Contained gold increases to 1.45 million ounces in the inferred category plus 0.37 million ounces in the indicated category.

- Contained molybdenum increases to 163 million lbs in the inferred category and 22 million lbs in the indicated category.

- Contained silver increases to 25.8 million ounces in the inferred category and 4.4 million ounces in the indicated category.

Indicated Resources Increase 141% - At a 0.2% copper equivalent cut off indicated resources have increased from 28,130,000 tonnes to 67,760,000 tonnes, an increase of 141%.

- Inferred Resources Increases 91% - At a 0.2% copper equivalent cut off inferred resources have increased from 214,780,000 tonnes to 410,880,000 tonnes, an increase of 91%.

The company is awaiting an updated resource for the Ox deposit on its Ootsa property, British Columbia.

GRV is down 10 cents to $1.55 late morning.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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