- AP Photo/ Petr David Josek
VIVAnews – A mining company from Hong Kong, G-Resources, discovered another gold reserves in Tor Uluela, Martabe, North Sumatra. The resources were estimated to contain 730,000 ounces of gold and 4.2 million ounces of silver graded 1.0 g/t gold and 6.0 g/t silver.
Assuming one ounce is equivalent to 31.1 grams, G-Resources’ gold reserves equal 22.8 million grams, or 22.8 tons.
G-Resources CEO Peter Albert claimed the discovery of gold reserves is the second progress in 2011. "The third progress will be announced in October, in line with the company’s preparation to commence the production of gold and silver by the end of the first quarter of 2012," he said Tuesday.
According to Albert, Uluala Tor area is one of six locations of gold reserves in the Martabe and is 2 kilometers from the processing plant.
The discovery of gold and silver reserves makes G-Resources’ classified reserves as of September 5, 2011 to contain approximately 7.46 million ounces of gold and 72.60 million ounces of silver.
"The discovery of gold and silver reserves makes the company more confident in Martabe's potentials as well as opportunities to discover more gold and silver reserves in Martabe," he explained.
Martabe project was signed in April 1997 and is currently under construction. G-Resources is targeting to start the production at the end of first quarter of 2012 with production capacity of 250,000 ounces of gold and 2 to 3 million ounces of silver a year.
Last July, G-Resources Group Limited, also revealed the discovery of new gold and silver reserves in the Martabe project, with 233,000 ounces of gold reserves potential, or equivalent to 6605 kilograms of gold.
Meanwhile, the silver potentials found by G-Resources reached 2.11 million ounces of silver or equivalent to 59,817.49 kilograms of silver. The reserves were found in Purnama Timur zone in Martabe Project, North Sumatra.
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