Vancouver – Over the past year, South African based Gold Fields (GFI-N) has outlined 7.7 million ozs of additional gold driving its overall reserves to 81.5 million ozs.
For the fiscal year ended June 30, 2003, attributable resources for the major jumped to 195.3 million ozs from 186 million. The total includes the recently acquired stake in the Arctic platinum project in Finland. Attributable reserves increased by 3 million ozs.
“To end the year with a net gain of 3 million reserve ounces, and to offset the 4.7 million ounces we depleted, means that we actually found 7.7 million ounces of new reserves during the year,” says the company’s Chief Executive Officer, Ian Cockerill.
Reserves at its South African operations tallied 70.38 million oz of gold at an average grade of 7.5 grams gold per tonne, up from the 70.12 million oz recorded in 2002. International mines showed the biggest increase coming in at 14.27 million oz at an average head-grade of 1.6 grams gold. A dramatic increase from the 10.6 million ozs tallied in 2002.
The increase in reserves were all discovered on existing mining properties, where Gold Fields plugged about US$30 million of its US$70 million per year exploration budget.
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