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UPDATE: Amara Mining Reports Increased Resource Estimate at Baomahun Gold Projectet, Yet Stocks Plummet 30%

Amara Mining plc (AMZ.TO) has filed a National Instrument 43-101-compliant technical report, dated 03 January 2013, detailing the resource update for its Baomahun Gold Project.

The company said the report showed increased resource in the indicated category through addition of low grade halo around the existing high grade core: updated resource of 38.4Mt at 1.82g/t totalling 2.24Moz in the indicated category (previously 25.6Mt at 2.50g/t totalling 2.06Moz).

AMZ has dropped 30% to $1.05, just 5 cents above year lows.

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

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