Business
Resource life up at San Jose
Resource life up at San Jose.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n RNS Number : 6058U Hochschild Mining PLC 19 October 2010 \n \n\n\n \n \n______________________________________________________________________ \n \n19 October 2010 \n \nResource life at San Jose operation increased by approximately 50%\n \n· Discovery at San Jose significantly increases resource life of mine to approximately 12.5 years1\n· Total resources increased by 63 million silver equivalent ounces \no 28% increase from existing veins \no 72% increase from new veins and extensions\n· Highly prospective district with significant geological potential: ongoing intensive drilling campaign\n· Discovery represents continued delivery of strategy focused on growth through exploration \n \nFollowing the discovery of nine new high-grade gold/silver veins and two extensions, announced last week,Hochschild Mining plc (\"Hochschild\" or \"the Company\") is pleased to report that resource life of mine2 at its San Jose operation has increased from approximately 8.4 years as at December 2009 to approximately 12.5 years3 as at September 2010. This is a result of an intensive 47,431 metre drilling programme undertaken by the Company in the first nine months of the year which has increased total resources by 63 million silver equivalent ounces (the Company reported total resources of 110 million silver equivalent ounces as at 31 December 2009).\n \nIgnacio Bustamante, CEO of Hochschild Mining said: \n \n\"Following last week's discovery, we are delighted to report this significant increase in resources at the San Jose operation which demonstrates our strategy in action. At the outset of the year, we committed to increasing the resource life of mine at our key operations and I am pleased to say that we are now seeing the results. Today's announcement reflects both the skill and experience of our exploration team and the enormous geological potential of the district, highlighted by the recent $3.6 billion bid for Andean's nearby Cerro Negro property. We are committed to value creation through organic growth and will continue to focus on exploration to maximise the full potential of our operations and projects.\"\n \nGoing forward, the disc...