Canadian Mining Journal

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GOLD AND SILVER RESOURCES – Penasquito doubles reserves

MEXICO - GLAMIS GOLD of Reno, Nevada, has new numbers that double the amount of gold at its Penasquito project in Z...


MEXICO – GLAMIS GOLD of Reno, Nevada, has new numbers that double the amount of gold at its Penasquito project in Zacatecas. The latest reserve estimate puts contained gold at 9.98 million oz and contained silver at 575.0 million oz. In addition, in measured, indicated and inferred resources there may be another 17.12 million oz of gold and 1.13 billion (with a B) oz of silver.

Looking at it another way, readers may consider the proven and probable reserves thusly: 87.10 million tonnes of oxide ore grading 0.28 g/t Au and 23.8 g/t Ag, plus 476.90 million tonnes of sulphide ore grading 0.51 g/t Au, 30.2 g/t Ag plus lead and zinc.

Measured and indicated resources (including proven and probable reserves) total 872.50 million tonnes grading 0.46 g/t Au and 29.3 g/t Ag plus lead and zinc. There is another 2.58 billion tonnes in the inferred resource category grading 0.17 g/t Au and 10.64 g/t Ag plus lead and zinc.

Glamis continues to explore the property to convert in-pit resources to reserves, extend known mineralized zones, and investigate the underground potential of the Penasco deposit. An updated feasibility study that looks at doubling mill capacity to 100,000 tonnes/day is expected in August 2006.

Detailed information about the Penasquito project is available at www.Glamis.com.


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