SYDNEY (Yosefardi) – Sumatra Copper & Gold Plc has completed its updated Ore Reserve for key deposits at its flagship 100%-owned Tembang Gold-Silver Project in southern Sumatra, Indonesia.
The updated Ore Reserve encompasses the Belinau, Berenai, Asmar, Tembang Anang, Bujang and Buluh (Siamang) deposits, totaling 2.01 million tons at 2.8 g/t gold and 32.9 g/t silver for a total of 181,000 ounces of contained gold and 2.12 million ounces of contained silver.
The Ore Reserve is based on the Mineral Resource estimate announced to the ASX on 19 March 2014, using a gold price of US$1,100 per ounce and a silver price of US$20 per ounce.
The new Ore Reserve estimation was a significant milestone for the company as it paves the way for completion of a debt finance facility with the objective of re-commencing construction at the Tembang Project.
The company now focuses on establishing an initial five year of feed for its 400,000tpa mill, which is partly constructed.