Shares are up 21% at
The company said that new pumps installed in March and a high-density sludge plant which was commissioned in May, have shown that the entire basin can be drained of water from a single point. It added that studies have shown it can drain beyond the 450 metre level, allowing for extraction, which brought the mineralisation into the resources category.
As a result, Venmyn Deloitte have issued a new competent persons report for the site, which shows that the reclassification has more than doubled the resource base of the company to 9.9 million ounces of contained gold from 4.5 million ounces previously.
The company said that the water level at the site is at roughly 165 metres below surface and so its focus is to exploit resources available above this level. As such, its focus in the short to mid term is on the exploitation of resources above 450 metres.
"The lower water table not only increases the life of mine of our assets through having higher quality reserves and resources, it also provides job opportunities as well as a sustainable AMD management system," Chief Executive Officer
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