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Singida resource up 27% – Shanta

29th January 2020

By: Tasneem Bulbulia

Deputy Editor Online

     

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The Joint Ore Reserves Committee- (Jorc-) compliant mineral resource estimate of Aim-listed Shanta Gold’s Singida gold project, in Tanzania, has increased by 27% to 919 000 oz at 2.25 g/t.

This compares with the previous estimate of 725 000 oz of gold at 1.84 g/t.

Measured and indicated resources increased by 8% to 412 000 oz at 2.63 g/t, while the inferred resources increased by 48% to 507 000 oz at 2.01 g/t.

Shanta pointed out on Wednesday that the measured and indicated resource grade had increased by 26% and the inferred resource grade by 23%.

An independently verified Jorc-compliant reserve will be declared in March, alongside the publication of an updated life-of-mine plan with an enhanced project net present value (NPV).

“We have high confidence in Shanta's re-estimated resources. We look forward to declaring a reserve for Singida and publishing an updated mine plan for the project in quarter one 2020.

“With significantly improved measured and indicated resource grades of 2.63 g/t, we expect the openpit mine to be a profitable, new operation for a modest capital outlay,” said Shanta CEO Eric Zurrin.

“The previously estimated NPV announced on December 5, 2018, of $31-million, is expected to increase significantly and I look forward to announcing plans to commence construction at Singida later this year,” he added. 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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