Gold price tumbles on reports of de-escalating Middle East tensions
Gold plunged 3% after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement.
Golden Star Resources (TSX: GSC; NYSE: GSS) has increased its overall reserves by 6%, net of mining depletion. It offset a loss in reserves at its Prestea gold mine by adding reserves at its Wassa gold mine, both located in Ghana.
In total the company has 19.4 million proven and probable tonnes grading 2.86 grams gold for 1.79 million oz. gold across its Wassa and Prestea gold mines.
Its biggest loss came at the Prestea mine, where reserves decreased by 36% net of depletion. Prestea now contains 853,000 proven and probable tonnes grading 11.57 grams gold for 317,000 oz. gold.
It also increased reserves at its Wassa mine 23% net of depletion. Wassa now contains 18.6 million proven and probable tonnes at 2.48 grams gold for 1.47 million oz. gold.
It boosted reserves at Wassa underground in particular by 47% net of depletion. Wassa underground now contains 7 million proven and probable tonnes at 3.95 grams gold for 949,000 oz. gold.
In February 2019, the company also increased inferred resources by 93% at its Father Brown gold project in Ghana. The project now contains 2.3 million inferred tonnes at 6.4 grams gold for 474,743 oz. gold.
(This article first appeared in The Northern Miner)
