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Newcrest re-estimates

NEWCREST mining has re-estimated its mineral and ore resources using a gold price of $500 per ounce, up from its original $450/oz.

It has also increased the project planning inventory for Telfer from 19 million ounces to 20 million ounces.

At Telfer Deeps core drilling has intersected new zones of mineralisation both to the west and below the proposed sub level cave. Previous bulk samplings from the sub level cave show drill hole results underestimated the grade of the Telfer Deeps mineralisation.

Newcrest’s total planning inventory has now increased to 31 million ounces of gold and copper.

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