Placer Dome (TSE) says the geological resource at the Porgera mine in Papua New Guinea has been increased to 130.4 million tons grading 0.14 oz. gold per ton at a cutoff grade of 0.04 oz. gold, 2.7 million oz. more than estimated just over a year ago, of 17.5 million oz.
The international mining company has a 22.7% interest in the huge mining operation which is expected to turn out about 1.4 million oz. this year. Production in 1991 was 1.2 million oz. at a cash cost of US$80 per oz. A new mining plan and reserve estimate is scheduled for next year which will determine how much of the new resource is classified as ore. In the meantime, more exploration drilling is continuing.
Placer Dome also recently announced the completion of a stage-three expansion at Porgera to increase mill throughput to 5,000 tons from 2,200 tons per day.
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