UPDATE: OceanaGold Corp Up 2% Announces an Increase in Mineral Resources at Frasers Underground Mine
OceanaGold Corporation (OGC.TO) is up 2% at $2.67 but off a day high $2.79 after it announced an updated mineral resource estimate for the Frasers Underground mine in Otago, New Zealand.
Highlights included: Measured and Indicated Resources for the main Hangingwall Shear mineralisation at Panel 2 has increased to 7.9Mt @ 2.36g/t Au for 602Koz. Net of mining depletion in 2011, this represents an addition of 118Koz since 31 December 2010, a 25% increase; Infill drilling of the Lower Zone has expanded the Meaured and Indicated Resources to 1.0Mt @ 2.51 g/t Au for 77Koz. This expansion has replaced mining depletion in this zone for 2011; Frasers Underground mine life expected to extend to at least 2017; Both the Hangingwall Shear and Lower Zone Inferred Resource areas are extended down-dip and remain open to the northeast; Total Measured and Indicated Resources for Frasers Underground, including Panel 1, now stands at 10.2Mt @ 2.26g/t Au for 745Koz.
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