Business
KZG to JORC reserves in 2006
KZG to JORC reserves in 2006.
About this update from Kazera Global Plc
[{"type":"text","content":"\n KazakhGold Group Ltd\n07 July 2006\n\n\n\nJuly 7, 2006\n KAZAKHGOLD GROUP LIMITED\n\n KazakhGold appoints Wardell Armstrong International to reclassify its reserves\n and resources\n\n\n\nKazakhGold Group Limited (London: KZG) announces the engagement of Wardell\nArmstrong International ('WAI') to undertake the reclassification of certain of\nits reserves and resources. This follows the company's stated aims at IPO to\nreclassify its resources to the Australasian Code for Reporting of Exploration\nResults, Mineral Resources and Ore Reserves ('JORC'). The company's reserves and\nresources of 46.6m oz are currently classified according to the Former Soviet\nUnion's 'Classification and Estimation Methods for Reserves and Resources'.\n\n\n\nThe company has agreed an initial scope of work with WAI. The first stage of\nthis is the transfer of reserves (B and C1) at the company's major operating\nmines of Aksu, Bestobe and Zholymbet to JORC. The company considers that these\nreserves are the most suitable for rapid classification under JORC. It is\nexpected that this work will be completed by the end of 2006.\n\n\n\nAdditionally, WAI's scope of engagement also includes the reclassification of\nthe resources at Aksu, Bestobe and Zholymbet.\n\n\n\nWAI will also work with KazakhGold's senior technical personnel to plan and\nmonitor ongoing exploration programmes within its project portfolio; ensuring\nthe optimisation and classification of reserves and resources. This portfolio\ncomprises four properties acquired in July 2005 and licences for five additional\nproperties in gold-bearing regions of Kazakhstan granted in December 2005.\n\n\n\nWAI will work in conjunction with KazakhGold's experienced in-house exploration\nand geology unit, headed by Oleg Gorozhanin, Chief Geologist.\n\n\n\nKazakGold Reserve and Resources at Aksu, Bestobe and Zholymbet, as reviewed by\nWAI at IPO in November 2005\n\n\n Ore Grade Gold Gold\n (m tonnes) (g/tonne) (tonnes) (m oz)\n\nReserves (B + C1) 161.6 2.55 411.3 13.2\n\nResources (C2) 54.8 6.92 379.1 12.2\n\nResources (P1) 139.5 4.73 660.0 21.2\n\nTotal reserves and resources (B+C1+C2+P1) 355.8 4.08 1,450.5 46.6\n\n\n\n\n\n\n\n\n\n\n\n\nFurther Information:\n\n\n\nAidar Assaubayev\nDeputy Chief Executive\nKazakhGold Group Limited\nTel: +44 (0) 870 067 0431\nEmail: [email protected]\n\nRon M...