VENEZUELA - Toronto-headquartered CRYSTALLEX INTERNATIONAL has new reserve and resource figures for its Las Cristinas project in the Bolivar state.
Proven and probable reserves are 464 million tonnes grading 1.13 g/t Au or nearly 17 million oz. This is an increase of 20% from the estimate made in February 2007. Proven reserves include 113 million tonnes at 1.24 g/t. Probable reserves are 351 million tonnes at 1.10 g/t Au.
Measured and indicated resources are 629 million tonnes with an average grade of 1.03 g/t Au or nearly 21 million oz of gold. This is an 18% increase over the numbers released in August 2005. Another 230 million tonnes at 0.85 g/t Au is counted as inferred resources, an increase of 38% over two years.
Crystallex says MINE DEVELOPMENT ASSOCIATES factored in the results of recent definition drilling, the rising gold price and higher operating costs ($9.81 rather than $7.66/tonne of ore) to complete the NI43-101-compliant report.
Crystallex plans an open pit mine and 20,000-t/d plant (that could be doubled in size) to produce 500,000 oz of gold in each of the first five years of operations. The company says construction will take 18 to 24 months once final permits are received from the Venezuelan government. Exactly when the permits might be received is not known. Check the press releases at www.Crystallex.com for news of their receipt.
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