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

By Midnight Trader,  January 29, 2013, 11:15:12 AM EDT

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.


This article appears in: Investing, Commodities

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