Yamana Gold Inc. (TSX:YRI,NYSE:AUY,LSE:YAU) announced an update on its Argentina-based Cerro Moro gold project, commenting that the mineral resource at the project has increased by 44 percent.
According to the press release, highlights of the update include:
- Initial indicated mineral resource of 1.95 million gold equivalent ounces (GEO)1, an increase of 44% from the previous estimate before the Company acquired the project, contained in 4.16 million tonnes with an average GEO grade of 14.6 grams per tonne (g/t); and an inferred mineral resource of 490,000 GEO contained in 3.60 million tonnes with an average GEO grade of 4.2 g/t
- Initiation of the pre-development work and feasibility study leading toward a planned construction decision expected in 2014 and a potential start-up in 2016
- Initiation of a further, extensive exploration plan in 2013 with one drill hole in January intercepting three separate vein zones with indications that two of these occur at mineable widths with the potential for significant GEO grades