Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Sulliden Gold Corporation Ltd. (TSX:SUE)(OTCQX:SDDDF) has completed a new gold and silver mineral resource estimate for its 100%-owned Shahuindo Project in Peru. The updated estimate delivered a 121% increase of indicated gold ounces in the oxides and a 397% increase in inferred gold ounces from the sulphides relative to the 2009 year-end estimate. Sulliden continues to actively drill the Shahuindo property and new results will continue to be released throughout 2011.
Highlights from the new mineral resource estimate at Shahuindo include:
“The updated mineral resource estimate establishes a new and increasingly significant foundation for our Shahuindo Project, which we believe will continue to expand with the 2011 drilling program and future phases of exploration, ” said Sulliden President and CEO Peter Tagliamonte. “Our geological knowledge of the deposit continues to improve and has led to both new discoveries within the known mineralized zones and has enabled us to identify potential expansion targets in close proximity to the known mineralized zones. In conjunction with the continued growth in mineral resources, the mining project is developing well with projected low stripping ratios and excellent recoveries.”
The new mineral resource estimate was prepared by Mine Developments Associates (“MDA”) in Reno, Nevada in accordance with National Instrument 43-101 (“NI 43-101”) and provides an update to the previous estimate released on December 8th, 2009. The new mineral resource estimate is based on new drill data from 49,150 metres in 248 holes, drilled from August 2010 to March 2011, for a total of 93,583 metres from 568 holes.
As announced on June 15, 2011, gold recoveries of 89% and silver recoveries of 15% were obtained from column tests. The material demonstrated rapid leach characteristics, with 85% of gold recovered in first 20 days. The positive metallurgical results will be used to complete the feasibility study.
For the full news release click here
Image of the Shahuindo Project by Sulliden Resources
