Alamos Gold Update ; New Mineral Reserves

Gold Thailand (Photo credit: @Doug88888)

AGI

TSX : $14.03)
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Alamos Gold reported new mineral reserves and resources for its Mulatos Mine and satellite deposits in Mexico, along with its Agi Dagi mine and development projects in Turkey.

In 2012, the company successfully replaced minedout mineral reserves at Mulatos, with total proven and probable reserves of 2.37 million ounces of gold at year-end. The replacement of reserve ounces is attributable to the addition of new ounces at El Victor, conversion of pit-contained mineral resources to mineral reserves, and the use of a $1,400 per ounce gold price assumption compared to $1,150 in 2011.

At the company’s Agi Dagi mine, Alamos reported an increase of 9.9% to 2.44 million ounces of gold, as compared to the mineral resources reported in December 2011. In addition, Measured and Indicated mineral resources of silver increased 16.9% to 19.72 million ounces compared to the resource update in December 2011.

The increase in Measured and Indicated mineral resources is a result of a combination of infill and resource expansion drilling programs  ndertaken in 2012, resulting in the conversion of Inferred mineral resources to the Indicated category.

Related articles

• Alamos Gold Q 4 Update (ampgoldportfolio.com)

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