VENEZUELA The latest reserve estimate for CRYSTALLEX INTERNATIONAL’s Las Cristinas gold project suggests that proven and probable reserves total 333 million tonnes at 1.20 g/t Au. Or in terms of contained ounces, the deposit has 12.8 million oz, up 25% from the previous figure of 10.2 million oz.
Crystallex says the increase is due to two factors. First, drilling upgraded inferred resources to the indicated category in the southwestern area of the planned pit, and the pit model was reworked. Second, the gold price has gone up, and the current estimate reflects a price of US$350/oz rather than $325. The mineralization remains open at depth and in some directions at surface.
The Las Cristinas project also has measured resources of 63.7 million tonnes grading 1.22 g/t, indicated resources of 398.6 million tonnes grading 1.07 g/t and inferred resources of 172.4 million tonnes grading 0.85 g/t Au. An estimated 20.9 million oz of gold is contained in this material.
The capacity of the project was doubled to 40,000 tonnes/day in the feasibility study of May 2004. Crystallex has most of the necessary permits and licences in hand as well as $100 million from an equity offering made last April. The Las Cristinas gold mine could be in production by the first half of 2006. More details are available at www.crystallex.com.