TORONTO (miningweekly.com) – Gold reserves at Red Back Mining's Tasiast mine, in Mauritania, have increased by 39% compared with the previous estimate, to 2,28-million ounces, the firm announced on Monday.

Altogether, reserves at the mine have been boosted by 119% since Red Back bought the asset in August 2007.

Measured and indicated resources have also increased, by 32%, to 2,53-million ounces, at a cut-off grade of 1 g/t, the firm reported.

Further, the company is conducting exploration on the areas just outside of the current resource area, and is currently focusing on the area two kilometres immediately to the south.

Red Back also expects to publish updated resources and reserves for its second mine, the Chirano operation, in Ghana, before the end of the first quarter.

Shares in the company gained 0,25% on Monday morning, to C$7,93 apiece by 10:20 in Toronto.

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