Australia's Zinifex lifts resource, reserve estimates at Rosebery mine |
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Published
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Mon, 28 May 2007 01:26
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SYDNEY (XFN-ASIA) - Lead and zinc producer Zinifex Ltd said it has raised the estimated resource at its Rosebery zinc andsilver mine in Tasmania by 65 pct to 11.7 mln metric tons following a drilling program over the last 12months.It said the estimate of ore, classified as economically mineable or reserves, has also beenincreased by nearly 50 pct to 3.8 mln tons from a year earlier.The company said the drilling program is one year into a three-year project to expand the life of themine and the results to date make the goal of still mining at Rosebery in 2020 very achievable.Zinifex chief executive Greig Gailey said the hike in resource exceeded all expectations, with the additional resources sourced largely from a combination of drilling deeper extensions of known lens and the discovery of new areas of mineralization.'If we are successful in further increasing the size of the resource over the next two years we willcontemplate investing to expand the output from Rosebery,' he said.The announcement follows the successful acquisition of Wolfden Resources Inc for around 338 mln cad earlier this month and the formation of exploration joint ventures in the states of Queensland, South Australia and Tasmania, as well as exploration in China, Tunisia, Sweden and Mexico.paul.daniel@xfn.compd/mas
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Australia's Zinifex 9 mths to March output down 8 pct yr-on-yr 