Resolute Mining has revealed an 80 per cent increase of its gold reserves across its operations over the past year.
The Perth-based gold miner announced to the ASX today that its total proved and probable reserves had increased to 5.24 million ounces by the end of June 2011.
Expansion programs at the Syama and Ravenswood gold projects principally contributed to the resource upgrade, Resolute chief executive Peter Sullivan said.
Also, recent drilling at Mount Wright delivered a 90,000 ounce reserve addition, and a 210,000 ounce resource was defined at the Welcome Breccia discovery at Ravenswood during 2010.
“This is a strong result, particularly in terms of resource to reserve conversion,” Mr Sullivan said.
“With our significantly increased $20 million exploration budget we look forward to increasing overall resources in the coming year.”
The resource upgrade offsets the news late last month that the miner’s annual production had declined by 6 per cent, to 330,859 ounces.
At 1:51PM (WST) Resolute’s stock was up 0.41 per cent, to $1.23.
