Laverton lifts gold reserve

Laverton lifts gold reserve

SYDNEY (Reuter): Laverton Gold NL said it has increased its forecast of contained gold at the Rawas gold/silver project in southern Sumatra in Indonesia by 20 percent to 415,000 ounces of gold equivalent.

The company said in a statement yesterday that this was based on a slightly lower than forecast measured and indicated resources of 779,000 tons at 4.5 grams a ton gold equivalent.

Total reserves plus resources at Rawas was estimated at 7.823 million tons at 3.1 grams a ton gold, 41 grams a ton silver, and 3.65 grams a tons gold equivalent.

Laverton said it had also applied for an additional contract of work area for 410 sq km nearby which contained rock types to those that host the Rawas deposit.

Laverton announced last November that it would proceed with developing its wholly owned Rawas project to produce 65,000 ounces of gold a year over a 10 years plus mine life.

Commissioning of the project was scheduled to start in September this year.

Laverton shares were half a cent lower at 47.5 cents at midday.