Altynalmas revises upward Kazakh gold reserves

February 28. Universal Newswires

Altynalmas revises upward Kazakh gold reservesAltynalmas Gold on Monday said it has independently estimated gold reserves at the Kyzyl Gold project in northeast Kazakhstan at 5.76 million ounces.

The 50-50 joint venture between the Kazakh state and Ivanhoe Mines, a Canadian mineral and exploration development company, also revised upward the estimated potential precious metal reserves.

The potential gold resources at the world-class project were now thought to be 7.35 million ounces, an 18 percent increase over the previous figure, Ivanhoe says.

Performance testing recovered at least 88 percent of contained gold, it said.

“Our gold reserves and resources are continuing to grow and we are confident that the Kyzyl Gold Project can become a substantial, long-term gold producer,” said David Woodall, president and chief executive officer of Altynalmas Gold.

Following completion of the feasibility study, Altynalmas Gold is now preparing to develop the project.

The project is located in the village of Auezov, around 680 miles northeast of the southern city of Almaty, the country’s largest, and some 60 miles from the East Kazakh industrial city of Ust Kamenogorsk.

The feasibility study estimated a mine life of at least 15 years.

In other news, Kazakhstan increased its gold holdings in January for the sixth time in 12 months, adding 8.4 tons on the previous month’s figure to 98.8 tons at the end of January 2012, according to International Monetary Fund (IMF) data published on Monday.

Kazakh authorities earlier said they would buy all gold produced in the country as a protective measure against a potential global crisis.