Altyn Shares Up On New Resource Estimates For Sekisovskoye Gold Mine

(Alliance News) - Shares in Altyn PLC jumped on Tuesday following release of a Competent Persons ...

Alliance News 8 October, 2019 | 10:07AM
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(Alliance News) - Shares in Altyn PLC jumped on Tuesday following release of a Competent Persons Report for the Sekisovskoye mine in Kazakhstan, revising its resource estimates.

Shares in the gold miner were 23% higher at 0.71 pence on Tuesday in London.

The CPR was put together by Ernst & Young Advisory Services Pty Ltd, which estimated total ore reserves of 33.5 million tonnes.

Proved ore reserves stands at 29.9 million tonnes, containing 3.47 million ounces of gold at a grade of 3.61 grams per tonne, and 5.7 million ounces of silver at a grade of 5.88 grams per tonne.

Meanwhile, probable ore reserves was 3.6 million tonnes, containing 330,000 ounces of gold at a grade of 2.91 grams per tonne, and 550,000 ounces of sliver at a grade of 4.81 grams per tonne.

The CPR also guided for a net present value of the Sekisovskoye mine at USD415.4 million, up from the USD238.6 million estimated in a CPR published in 2014.

The 2014 CPR also guided for probable ore reserves of 2.26 million ounces, of gold, at a grade of 4.09 grams per tonne.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Altyn PLC 0.65 GBX 13.16 -

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