Business
Resource Update
Resource Update.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n Metals Exploration PLC\n06 December 2006\n\n\nMETALS EXPLORATION PLC\n\n RUNRUNO PROJECT\n\n RESOURCE UPGRADED TO 2.03Moz GOLD & 34.4Mlb MOLYBDENUM\n\nLONDON: 6 December 2006 - Metals Exploration PLC ('MetalsEx' or 'the Company') \nis pleased to report that the Company has completed a technical review of the \nRunruno gold-molybdenum deposit, and is now able to define a total inferred \nmineral resource of 28.3 million tonnes at an average grade of 2.23 grams per \ntonne gold and 0.06% molybdenum, containing a total of 2.03 million ounces of \ngold and 34.4 million pounds of molybdenum.\n\nJonathan Beardsworth, Chief Executive of Metals Exploration, said: 'We are \ndelighted to have crossed the 2 million ounce threshold and, with the resource \nopen in so many directions, have every expectation that it will continue to grow \nin size. Importantly, the infill drilling done to date provides much greater \nconfidence in the resource, and we anticipate being able to begin upgrading it \ninto Measured and Indicated categories once drilling restarts in January'.\n\nRUNRUNO PROJECT\n\nResource Update\n\nThe revised Inferred Mineral Resource total was calculated from the results of \nthe Company's first fifty three diamond drill holes combined with those of two \ndrill holes of Greenwater to arrive at the total contained metal of 2.03 million \nounces of gold and 34.4 million pounds of molybdenum.\n\nThe Resource estimate is classified as an Inferred Mineral Resource as defined \nby the Australasian Code for Reporting of Exploration Results, Mineral Resources \nand Ore Reserves, 2004 (the 'JORC' Code).\n\nA major part of the resource is expected to move into the Indicated category\nearly next year, based on the continuity so far demonstrated between drillholes.\nDrilling will re-commence in early January to complete further infill holes with\nthe intention of upgrading the majority of the resource into Measured and\nIndicated status. Since September 30, two typhoons have temporarily affected\naccess to some drill sites.\n\nThe Company is continuing with other activities such as metallurgical testwork, \nsocial and environmental studies as part of a feasibility study into the \neconomics of the Runruno deposit. Results of the first pass metallurgical \ntestwork are expected to be available towards the end of the month.\n\nDrilling...