Galane Gold Ltd. has released the results of the 2013 mineral resource update at the company’s Mupane Property, located on the Tati greenstone belt in North Eastern Botswana. According to the company, the total measured and indicated mineral resource is 508,400 ounces of gold and the total inferred mineral resource is 261,100 ounces of gold. This is the first mineral resource update for the Mupane Property since the completion of the Company’s technical report dated May 10, 2011 (the “2011 Technical Report”).
The measured and indicated gold resource at the Mupane Property, excluding the Mupane Slimes Dump, has increased by 17,600 ounces of gold compared to the figures presented in the 2011 Technical Report, despite two years of depletion through mining activities. The Company has also declared, for the first time, a measured mineral resource of 91,800 ounces of gold at the Mupane Slimes Dump, which is located next to the Mupane plant and is currently the Company’s operating slimes dump.
The mineral resource estimate, effective as at December 31, 2012, was carried out under the supervision of Charles Byron, Chief Geologist for Galane Gold and Steven Duma, Mineral Resources Manager for the Company’s wholly-owned indirect subsidiary, Mupane Gold Mining (Pty) Ltd. (Mupane Gold). The Company’s mineral resources update is expected to serve as a basis for the preparation of a new technical report in respect of the Mupane Property which is scheduled to be completed in 2013.
The company has reported the mineral resources for its mineral deposits (including the Mupane Stockpiles) separately from the Mupane Slimes Dump, as the Company considers the Mupane Slimes Dump to be a distinct mineral resource type as it could involve a different processing methodology. The Company is still reviewing the available options with regards to the processing of the material on the Mupane Slimes Dump.
Philip Condon, Galane Gold’s CEO said the continued ability to renew resources as ‘we produce’ is evidence that supports my view that the company will extend its mine life as it continues with its current exploration programme.
“In addition, it points to the untapped potential of the Tati greenstone belt in Botswana,” said Condon.
“I am particularly pleased with the addition of Jim’s Luck which represents an exciting resource which the Company is expecting to be a replacement for Golden Eagle when we finish mining that resource. The confirmation of the resource at the Mupane Slimes Dump, which is located next to our processing plant, also provides an opportunity to expand our production still further.”
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange under the symbol GG. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs. Galane Gold is committed to operating at the highest standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.