American Barrick boosts reserves

What a difference a year can make in the life of a mining company.

This time last year, Toronto-based American Barrick Resources was sitting with reserves totalling 3.5 million oz. in seven Canadian and U.S. gold properties. But within the space of just 12 months, exploration success at the Goldstrike property near Elko, Nev., has added almost 10 million oz. to that total.

Of the 13.3 million oz. reported on Dec. 31, Barrick says 10.8 million oz. are in the proven-and-probable category.

Since its deep-drilling discovery at at Goldstrike last March, the company has encountered two major deposits below 1,000 ft., Post and Betze, which are thought to constitute one orebody.