Norgold boosts reserves 3%, measured and indicated resources 21%
MOSCOW. April 2 (Interfax) - The reserves of Nordgold have grown by 3% since 2012, to 13 million ounces, despite the depletion of 2.3 million ounces, the company said in a statement.
Two high quality new development projects established: Gross (Russia) with 4.51 Moz of Ore Reserves and Bouly (Burkina Faso) with 1.32 Moz of Ore Reserves. Both are ready for construction. Mined out Ore Reserves have been fully replaced at Neryungri, Suzdal and Buryatzoloto's Irokinda. Partial replenishment took place at the other mines.
The volume of measured and indicated resources rose by 21% to 21.8 million ounces.
"Total Mineral Resources decreased by 16% to 29Moz of gold as at December 31, 2014 due to significant reduction in Inferred Resources as a result of the implementation of a new JORC 2012 best practice approach in reporting Minerals Resources within pit shells, with estimates defined by a gold price, costs and other relevant modifying factors," Nordgold said.
Bouly Mineral Resources tripled to 3.5 Moz. A substantial Mineral Resources upgrade was reported for the Uryakh exploration project in Russia to 1.77 Moz at 3.78 g/t. There was an increase in Mineral Resources at Buryatzoloto's mines with shorter life-of-mine - Zun-Holba and Irokinda, as well as at Neryungri. Also, there was a 48% increase in silver Ore Reserves to 23.6 Moz due to the conversion of 7.6 Moz of silver Resources to Reserves at Gross.
Ore Reserves and Mineral Resources Summary (JORC):
| Metal/category | Dec 31, 2014 | Dec 31, 2012 | Change |
| Reserves | |||
| Gold, ml oz | |||
| - Proven | 2,009 | 4,075 | -51% |
| - Probable | 10,959 | 8,569 | 28% |
| - Proven+Probable | 12,968 | 12,644 | 3% |
| Silver, mln oz | |||
| - Proven | 0,805 | - | - |
| - Probable | 22,841 | 16,000 | 43% |
| - Proven+Probable | 23,646 | 16,000 | 48% |
| Resources | |||
| Gold, mln oz | |||
| - Measured | 2,475 | 4,957 | -50% |
| - Indicated | 19,277 | 12,979 | 49% |
| - Measured+Indicated | 21,752 | 17,936 | 21% |
| - Inferred | 7,242 | 16,727 | -57% |
| - Measured + Indicated + Inferred | 28,994 | 34,663 | -16% |
| Silver, mln oz | |||
| - Measured | 1 | 1 | 0% |
| - Indicated | 138 | 122 | 13% |
| - Measured+Indicated | 139 | 123 | 13% |
| - Inferred | 107 | 145 | -26% |
| - Measured + Indicated + Inferred | 246 | 268 | 8% |
| Copper, '000 tonnes | |||
| - Inferred | 33,690 | 33,690 | 0% |
In 2013-2014, Nordgold invested $104.5 million in exploration and evaluation and an additional $11.8 million in exploration at the Montagne d'Or earn-in project in French Guiana and $2.3 million at the Pistol Bay project in Canada.