News
Reserve & Resources and Exploration Update 2013
News
Amsterdam, the Netherlands, April 22, 2013 - Nord Gold N.V, (“Nordgold” or the “Company”, LSE: NORD), an independent, internationally diversified, pure-play gold producer strategically focused on emerging markets, is pleased to announce the results of its Resource and Reserve Update using all available data for the Company’s mines and deposits as reported by Wardell Armstrong International, Micon International Limited and SRK Consulting. These estimates supersede all previously announced estimates.
- Full compensation of gold reserves depleted in 2012
- 7% increase in measured and indicated gold resources
- 31% growth of inferred gold resources
- Continued development of four advanced exploration projects
Highlights:
- 2012 exploration programme has replaced mined out reserves during the year. Proven and probable reserves of Nordgold are at 12.6 Moz of gold.
- Measured and indicated gold resources of Nordgold increased by 7%, to 17.9 Moz, while the inferred resources estimate grew by 31%, to 16.7 Moz.
- Project Gross is further expanded. Gold reserves at Gross are at 3.6 Moz (up 10% from the previous estimate), while measured and indicated resources increased by 16%, to 4.5 Moz and inferred resources were estimated at 8.8 Moz (up 25%).
- Reserve base of key producing mines with shorter life-of-mine —Buryatzoloto, Taparko and Suzdal — has been meaningfully increased. Four advanced exploration projects in Russia (Uryakh, Nerchinsk) and Burkina Faso (Bouly, Wayin) have been confirmed as potential candidates to become operating mines. Exploration at these deposits continues and shows strong progress.
- The Company’s measured and indicated silver resources increased by 21%, to 123 Moz, primarily at its project Prognoz.
- Ore reserves were estimated using a gold price of US$1,250/oz, unchanged from last year’s estimate.
