Drilling by partners
Resources now stand at: 19.3 million tonnes grading 2.33 grams gold per tonne in Zone E (equivalent to 1.45 million contained ounces, or 31% more than the previous estimate); 10.5 million tonnes of 1.6 grams gold in Zone A (540,000 contained ounces); and 1.3 million tonnes of 1.83 grams gold in Zone C (80,000 contained ounces).
Perth, Australia-based Snowden Mining Industry Consultants calculated the resources in Zones E and A, whereas the resource for Zone C was calculated in-house.
Moydow and Normandy are studying the feasibility of mining the Ntotoroso deposits as open pits and processing the ore at a single mill. The feasibility study is due early next year.
The latest resource numbers include results from an additional 15 holes drilled to an average depth of 200 metres across Zone E, where indicated resources are open at depth.
Subsequent drilling of zone E has intersected higher-grade material beneath the initially proposed open-pit outline (T.N.M., Oct. 16-22/00).
With Normandy having funded the required amount of work at the site, Moydow and Normandy now each hold half- interests in Ntotoroso; the government of Ghana has rights to a 10% carried interest.
West of the capital, Accra, Moydow holds a 31% interest in the Wassa open-pit gold mine, which, since its first pour in January, has produced 70,000 oz. An additional 20,000 oz. are to be produced before year-end.
The remainder of Wassa is held by Irish-listed operator Glencar Mining, with 59%, and the government of Ghana, with 10%.
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