[Marinir] {Disarmed} Keegan's Esaase Deposit Increases to 3.83 Million Ounces of Measured & Indicated Gold
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Wed Oct 10 15:41:14 CEST 2012
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Keegan Provides Revised Resource Estimate For Esaase Gold Project
Keegan Resources Inc. (TSX: KGN
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=KGN®ion=C&lookup=symbol&snapshot=default
; NYSE KGN
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=KGN®ion=U&lookup=symbol&snapshot=default
) is pleased to announce the results of a revised mineral resource
estimate for its Esaase gold project in Ghana, West Africa. The resource
estimate is based upon approximately 200,000 metres of RC drilling and
78,000 metres of diamond drilling carried out over the past five years
at Esaase. The revised Esaase mineral resource estimate consists of:
Measured and Indicated resource of 68.92 million tonnes averaging 1.73
grams per tonne gold for 3.83 million ounces, and
Inferred resource of 22.23 million tonnes averaging 1.75 grams per tonne
gold for 1.25 million ounces.
The revised resource estimate, based on a cut-off grade of 0.8 grams per
tonne of gold, was prepared using the same information used to compile
the previous resource estimate at Esaase (see news release with Pre
Feasibility Study results dated September 22, 2011 at
www.keeganresources.com
http://www.keeganresources.com
) which was stated at a cut-off of 0.4 grams per tonne of gold. The
purpose of revising the resource was to serve as a basis for a revised
Pre Feasibility Study ("PFS") which will incorporate a change in
open-pit mining methods to selectively mine at lower rates and higher
grades than the September 2011 PFS.
Shawn Wallace, President and Chief Executive Officer of Keegan, said,
"We are very pleased with this positive step forward. The revised
resource validates the approach that, after much consideration, we have
undertaken in re-engineering the Esaase project. The deposit, like many
Ghanaian gold deposits, lends itself to selective mining and the mine
plan for the revised PFS will feature a significantly higher mill feed
grade than our previous mine plan. With a capital cost for the project
of approximately $260 million and our cash balance of $188 million, we
are well positioned to rapidly move forward and advance the Esaase
project to production.
We are looking forward to the results of our revised PFS which will be
complete in early 2013. The company has also initiated efforts to
recruit a multidisciplinary suite of individuals to help strengthen our
team with the requisite experience in mine building and operation for
the rapid development of a highly profitable new gold mine in Ghana, the
most desirable location in West Africa."
The mineral resource estimate was completed by Minxcon Pty Ltd.
("Minxcon") of Johannesburg, South Africa and reported in accordance
with National Instrument 43-101 requirements and the South African Code
for Reporting of Exploration Results (SAMREC) which is consistent with
the CIM Estimation Best Practice Guidelines in Canada. The resource
estimate was prepared by Charles J. Muller, B.Sc. Geology (Hons),
Pr.Sci.Nat., MGSSA, a Director of Minxcon. An updated NI 43-101
Technical Report will be filed on SEDAR at www.sedar.com
http://www.sedar.com
on or before November 23, 2012.
A preliminary open pit optimization was run on the estimated grade model
to support the requirement that Mineral Resources have reasonable
prospects for economic extraction. The resource estimate assumes a
long-term gold price of $1,150 per ounce, consistent with the gold price
assumption made in the September 2011 PFS. All production and technical
parameters assumed for the revised estimate were based on work completed
by DRA, a Johannesburg based engineering consultant, as part of a
Conceptual Study completed in August 2012 and outlined in a news release
dated September 6, 2012 available at www.keeganresources.com
http://www.keeganresources.com
.
The table below represents the mineral resource at the 0.8 grams of gold
per tonne cut-off as well as at several additional cut-off grades which
are provided for comparison purposes. The effective date of the resource
is October 10, 2012 and the resource includes all drill results as at
March 31, 2012.
Cut-Off
Au g/t Resource
Category Tonnes
(Mt) Gold Grade
(g/t) Gold Ounces
(Moz)
0.4 Measured 30.14 1.27 1.23
Indicated 98.99 1.17 3.73
Total M&I 129.13 1.19 4.96
Inferred 49.39 1.11 1.76
0.6 Measured 23.38 1.49 1.12
Indicated 71.25 1.44 3.29
Total M&I 94.63 1.45 4.41
Inferred 33.59 1.40 1.51
0.8 Measured 17.52 1.75 0.99
Indicated 51.40 1.72 2.85
Total M&I 68.92 1.73 3.83
Inferred 22.23 1.75 1.25
1.0 Measured 12.96 2.05 0.86
Indicated 37.60 2.02 2.44
Total M&I 50.56 2.03 3.30
Inferred 16.00 2.09 1.08
NOTE: Due to rounding differences, some M&I totals may not add exactly
with the Measured and Indicated figures.
On Behalf of the Board of Directors,
Shawn Wallace
Chief Executive Officer
About Keegan Resources Inc.
Keegan is a junior gold company offering investors the opportunity to
share ownership in the rapid exploration and development of high quality
pure gold assets. The Company is focused on its wholly owned flagship
Esaase Gold Project (3.83 million ounces of gold in the Measured and
Indicated category with an average grade of 1.73 g/t Au and 1.25 million
ounces of gold in the Inferred category at an average grade of 1.75 g/t
Au, based on a 0.8 g/t Au cut-off) located in Ghana, West Africa; a
highly favourable and prospective jurisdiction. Managed by highly
skilled and successful technical and financial professionals, Keegan is
well financed with no debt. Keegan is also strongly committed to the
highest standards for environmental management, social responsibility,
and health and safety for its employees and neighbouring communities.
Keegan trades on the TSX and the NYSE MKT under the symbol KGN.
More information about Keegan is available at www.keeganresources.com
http://www.keeganresources.com
.
Qualified Person
The resource estimate was prepared by Charles J. Muller, B.Sc. Geology
(Hons), Pr.Sci.Nat., MGSSA, a Director of Minxcon Pty Ltd. of
Johannesburg, South Africa and an independent qualified person under NI
43-101, including the verification of the data disclosed, and the review
and approval of the contents of this release. Richard Haslinger, P. Eng.
Vice President Exploration for Keegan, a qualified person with respect
to NI 43-101, has supervised the scientific or technical information for
the Esaase property.
CIM Definition Standards were followed for Mineral Resources. Mineral
Resources are reported on a 100% basis; Keegan has a 90% interest in
this project with the Ghanaian Government owning a standard 10%
free-carried interest.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address estimated resource
quantities, grades and contained metals, possible future mining,
exploration and development activities, are forward-looking statements.
Although the Company believes the forward-looking statements are based
on reasonable assumptions, such statements should not be in any way
construed as guarantees of future performance and actual results or
developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially
from those in forward-looking statements include market prices for
metals, the conclusions of detailed feasibility and technical analyses,
lower than expected grades and quantities of resources, mining rates and
recovery rates and the lack of availability of necessary capital, which
may not be available to the Company on terms acceptable to it or at all.
The Company is subject to the specific risks inherent in the mining
business as well as general economic and business conditions. For more
information on the Company, Investors should review the Company's annual
Form 20-F filing with the United States Securities Commission and its
home jurisdiction filings that are available at www.sedar.com.
Neither Toronto Stock Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
For more information about this service, please see:
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