Business
Increase in Resources and Reserves at Aflease Gold's Modder East and Sub Nigel Gold Projects, South Africa
Increase in Resources and Reserves at Aflease Gold's Modder East and Sub Nigel Gold Projects, South Africa.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange,\n\n\nJSE Limited (Johannesburg stock exchange)\n\n\nTORONTO, ON, and JOHANNESBURG, South Africa, Dec. 4 /CNW/ - sxr Uranium\nOne Inc. announced today that its 71.6% owned Aflease Gold Limited (\"Aflease\nGold\") affiliate has released an updated mineral resource and reserve\nstatement for its Modder East Project and an updated resource statement for\nits Sub Nigel Project. The updated statements show an increase in both\nresources and reserves at Modder East and an upgrading of resources at Sub\nNigel. The Modder East and Sub Nigel Projects are located in South Africa's\nEast Rand goldfields, 30km east and 35km east-southeast of the city of\nJohannesburg, respectively.\n\n\nModder East Project\n\n\nThe revised statement shows a reserve tonnage of 7.69Mt grading 5.54g/t\nfor 1.37 million contained ounces of gold in the probable category. This\nrepresents a 28% increase over the estimates contained in the August 16, 2006\nModder East feasibility study prepared by Turgis Consulting and audited by SRK\nConsulting (available on the Aflease Gold website www.afleasegold.com and on\nSEDAR). In addition, the revised statement shows a resource tonnage of 22.57Mt\ngrading 3.31g/t for 2.40 million contained ounces of gold in the indicated\ncategory (a 19% increase from the 2.01 million ounces reported previously) and\n13.32Mt grading 2.31g/t for 0.99 million contained ounces of gold in the\ninferred category (a 3% decrease from the 1.02 million ounces reported\npreviously). The indicated resource tonnage at Modder East has remained\nessentially unchanged while the average grade has increased by 19% (from\n2.79g/t to 3.31g/t). In all cases, mineral reserves and resources have been\nreported in accordance with the classification criteria of the South African\nCode for Reporting of Mineral Resources and Mineral Reserves (the SAMREC\nCode).\n\n\nThe increase in reserves and resources at Modder East reflects the\nresults of the 2006 Phase II drilling program conducted on the property by\nAflease Gold. The cut-off grades (Table 1 refers), gold price (US$430/oz) and\nexchange rate (US$1:R6.49) used in the assessment are the same as in the\nModder East feasibility study. This was considered necessary to allow for a\ndirect comparison to be made with the previous resource estimate, despite the\nr...