Alexis Minerals (AMC-T) managed a 156% increase in proven and probable reserves for its Lac Herbin gold mine in Val d’Or, Quebec.
Total proven and probable reserves now come in at 617,374 tonnes grading 7.36 grams gold for 146,007 oz. as opposed to the previous total of 239,237 tonnes grading 7.40 grams gold for 57,128 oz.
The previous amount came from a study done in 2007.
The increased tonnage led Alexis to say that the mine will have a minimum five year mine life and will generate positive cash flow. The company plans to produce 36,000 to 40,000 oz. of gold per year.
Last year a total of 80,284 tonnes grading 6.9 grams gold was mined to produce 18,115 oz of gold.
Toronto-based Alexis says its exploration program from last year replaced what was mined and that the increase in reserves came from delineation drilling. Resources at the mine come from within 6 zones that extend from 30 metres to 650 metres below surface.
In Toronto on Aug. 7 the company’s shares were up a penny to 44¢ on 166,000 shares traded.
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