Contained proven and probable gold reserves for operations and projects involving Amax Gold (NYSE) jumped to 10.8 million oz., up 40% over the year ended Dec. 31, 1992. Amax’s share of the reserve totals about 8.6 million oz.
Contained ounces at the Fort Knox project, near Fairbanks, Alaska, increased by more than 900,000 oz. with total proven and probable minable reserves now estimated at 174.5 million tons grading 0.024 oz. gold per ton. Amax acquired a 90% interest in the Guanaco project, south of Antofagasta, Chile, in the second quarter last year, adding 660,000 contained ounces as the company’s share of the total. Proven and probable minable reserves at Guanaco are 14.4 million tons grading 0.051 oz. gold.
Amax also exercised an option last year to acquire a 62.5% interest in the Haile Project in South Carolina. Haile’s proven and probable reserves stand at 6.8 million tons grading 0.10 oz. gold, putting Amax’s contained share at about 431,000 oz.
Amax’s recent acquisition of half of the Refugio project in Chile added 1.5 million oz. to the company’s reserves. Estimated proven and probable minable reserves at Refugio were last reported at 104.4 million tons grading 0.030 oz. gold.
Amax also owns the Hayden Hill mine in California, the Sleeper mine near Winnemucca, Nev., and a 33.53% interest in the Waihi mine in New Zealand. Reserves at Hayden Hill are estimated at 5.3 million tons of mill ore grading 0.071 oz. gold and 35.4 million tons of leach ore at an average grade of 0.017 oz. gold.
Sleeper reserves total 3.2 million tons of mill material at an average grade of 0.11 oz. gold and 19.6 million tons of leach ore grading 0.021 oz. gold. Waihi reserves at year-end were estimated at 5.2 million tons grading 0.090 oz. gold.
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