PERTH (miningweekly.com) – Emerging West African gold explorer Noble Mineral Resources on Tuesday reported a two-million ounce resource estimate for its Bibiani gold mine, which it acquired late last year.
The resource estimate formed part of Noble’s prefeasibility study, which is targeting the restart of gold mining at the operation in Ghana.
The prefeasibility study, which Noble said was nearing completion, is investigating the refurbishment of a 2,7-million ton a year treatment facility.
The measured, indicated and inferred mineral resource now totalled 32,98-million tons, at an average grade of 1,87 g/t gold, for 1,98-million ounces. This was a 22% increase on the previously reported Joint Ore Reserve Committee- compliant resource estimate of 1,6-million ounces.
Noble MD Wayne Norris said that the substantial increase in the mineral resource inventory provided a “very strong” foundation for the planned re-establishment of profitable mining and processing operations at the Bibiani gold mine.
He noted that the geological mining and engineering company responsible for the prefeasibility study, also confirmed the potential for additional economic gold occurrences, both within the Bibiani mining lease area and in two continuous prospecting licences.
“We are looking forward to completing the prefeasibility study, finalising ore reserve estimates and announcing the completion of our detailed operational and business plan for the Bibiani gold mine, laying the foundations for the establishment of a profitable, long-term gold-mining operation in Western Ghana.”
In November, Noble acquired the Bibiani gold mine by assuming the existing obligations of Central African Gold Ghana (CAGG) in return for 100% ownership of the company, whose main asset is Bibiani.
Noble reached the agreement with Investec Bank, which took ownership of CAGG in January 2009, after the gold miner failed to repay $20,9-million owed to the bank.
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