Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
VANCOUVER, Feb. 16, 2012 /CNW/ – Goldgroup Mining Inc. (TSX: GGA) (“Goldgroup” or “the Company”) is pleased to announce the updated National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate (the “Technical Report”) for its flagship 100%-owned Caballo Blanco gold project in Veracruz, Mexico. Based on a 0.2 g/t Au cut-off grade, the Company’s indicated mineral resources at the La Paila Zone at Caballo Blanco grew by 314% from 139,000 to 575,000 ounces of gold (28.9 million tonnes grading 0.62 g/t Au). The inferred mineral resources summed to 419,000 ounces of gold (24.0 million tonnes grading 0.54 g/t Au). This Technical Report also adds silver mineral resources to the mineral resource estimate at Caballo Blanco, including 2,150,000 ounces of silver indicated mineral resources (28.9 million tonnes grading 2.32 g/t Ag) and 1,930,000 ounces of silver inferred resources (24.0 million tonnes grading 2.5 g/t Ag). The Technical Report was prepared for the Company by Jim Cuttle, P. Geo. and Gary Giroux, P. Eng. of Giroux Consultants Ltd., each an independent Qualified Person under NI 43-101 standards.
Goldgroup’s total indicated mineral resources for its two main exploration/development projects, Caballo Blanco and San José de Gracia, have grown from 212,500 to 648,500 ounces of gold, representing an increase of 205%. The Company’s total inferred mineral resources for its two main projects total 900,500 ounces of gold.
Keith Piggott, President and CEO of Goldgroup, stated, “The updated resource estimate on the Caballo Blanco project is a significant milestone for the Company. Goldgroup has been able to grow substantially the resources in the La Paila Zone, which is expected to form the basis of our upcoming PEA in the first quarter of 2012. We continue to achieve our Company targets and are currently in-line to commence production on the project by 2012 year-end. Furthermore, we intend to continue growing our resources in 2012 as we continue to conduct infill drilling at the La Paila Zone, as well as exploration drilling at multiple identified anomalies in the south, southwest and northeast of the Northern Zone, in addition to drilling new targets in the Highway Zone.”
