A major increase in reserves has been reported by Amax Gold Inc. at the company’s Sleeper gold mine in Nevada. High grade reserves of 3.4 million tons grading 0.376 oz of gold per ton represent a 97% increase in gold content from 2.6 million tons grading 0.25 oz Amax says.
Lower grading heap leach reserves decreased to 44.8 million tons grading 0.021 oz from 45.7 million tons grading 0.03 oz.
The Sleeper mine, which produces 200,000 oz of gold per year, is the lowest cost gold mine in North America, producing an oz of gold for $74(US) per oz.
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