Highland Gold boosts JORC reserves at Mnogovershinnoye 2.9-fold to 622,000 oz
MOSCOW. Aug 2 (Interfax) - Highland Gold Mining Ltd, which has a portfolio of gold mining licenses in Russia, has increased reserves at its Mnogovershinnoye (MNV) field in the Khabarovsk territory 2.9-fold to 622,300 oz (19.4 tonnes), the company said in a reserves update.
MNV resources to JORC standards:
| Project Name | Classification | Ore , tonnes | Gold, g/t | Contained gold, ounces | Highland 's interest (%) | Gold ounces attributable to Highland |
| MNOGOVERSHINNOYE | Measured | 4,789,000 | 4.52 | 695,935 | 100% | 695,935 |
| Indicated | 1,332,000 | 4.47 | 191,426 | 100% | 191,426 | |
| Measured +Indicated | 6,121,000 | 4.50 | 887,361 | 100% | 887,361 | |
| Inferred | 3,294,000 | 4.40 | 465,575 | 100% | 465,575 | |
| Total * | 9,415,000 | 4.47 | 1,352,936 | 100% | 1,352,936 | |
| RESERVES REPORTED IN ACCORDANCE WITH JORC | ||||||
| Project Name | Classification | Ore , tonnes | Gold, g/t | Gold Ounces attributable to Highland | ||
| Contained Gold, ounces | Highland 's interest (%) | |||||
| MNOGOVERSHINNOYE | Proven | 3,343,000 | 4.60 | 494,414 | 100% | 494,414 |
| Probable | 818,000 | 4.86 | 127,896 | 100% | 127,896 | |
| Proven + Probable | 4,161,000 | 4.65 | 622,310 | 100% | 622,310 |
- resources are inclusive of reserves, reserves are calculated at US$ 1100 /oz
- totals are rounded to the nearest whole number
- January - July 2011 depletion is not included
The audit was carried out by Micromine Consulting Services (MCS, a division of Micromine Pty Ltd) between June 2010 - July 2011. This report confirms a 190% increase in proven and probable reserves at MNV compared to those stated in the Company's Annual Report Accounts 2010 and supports MNV's current life of mine plan which extends through to 2016.
Exploration diamond drilling continues at several underground and surface locations within the MNV license (16,000 metres and 8,000 metres budgeted in 2011 respectively) where minimal historical work had previously been carried out. As a result of this ongoing exploration work it is expected that some current resources will be upgraded into the reserve category and new resources discovered.