Eden Roc gets better grades than planned at African mine

Grades at the Anuiri deposit in Ivory Coast are turning out to be much higher than expected, says Eden Roc Mineral (ASE), which will pour its first gold from the mine by the end of the year.

Average grades at 0.25 oz. gold per ton are more than double the anticipated grade of 0.12 oz. The estimate is based on the ore that has been mined and crushed to date.

But Eden Roc warns that the pockets of high-grade ore encountered during the initial startup are not necessarily continuous throughout the deposit. Minable open pit reserves within the Anuiri deposit are estimated to be 700,000 tons averaging 0.13 oz. per ton. Near-surface reserves contain an additional 870,000 tons grading 0.07 oz. gold. Eden Roc is currently heap leaching 15,000-20,000 tons and is aiming for a production rate of 1,125 oz. gold per month.

Recently, Eden Roc raised $1.1 million through a private placement of common shares to European and American investors. Proceeds will be used to reduce debt and for general corporate purposes.

Meanwhile, the company’s technical staff, in conjunction with their Ivorian joint venture partner, continues to explore for and delineate medium-to-high grade surface zones on the 62,000-acre concession. The exploration work will continue through the end of January, followed by a drill program in March. Eden Roc, 73% owned by Marshall Minerals (ASE), has a 90% interest in the Ivory Coast project.