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.