News Releases
February 11, 2003
REVISED RESOURCE ESTIMATE FOR THE BOUROUM GOLD PROJECT IN BURKINA FASO
- Revised estimate increases measured and indicated resource by 56%
- Deposit includes a high grade resource of 1.0 million tonnes with a grade of 6.0 g/t Au (193,000 ounces of contained gold)
Toronto, Ontario – AXMIN Inc. (AXM-TSX Venture) announces a revised resource estimate, based on the recent drill program, that increases the gold content in the measured and indicated category at the Bouroum project in Burkina Faso by 56%. Within this occurs a high grade measured and indicated resource of 1.0 million tonnes with a grade of 6.0 g/t Au (193,000 ounces of contained gold) at a 3 g/t Au cut-off grade. AXMIN considers this high grade resource the key to yielding a rapid payback of the project’s capital and funding. All resources are near surface and exploitation will be considered by way of an open pit.
The measured and indicated resource at Bouroum now stands at 3.9 million tonnes with a grade of 2.8 g/t Au (351,000 ounces of contained gold); in addition there is a further 1.6 million tonnes with a grade of 2.2 g/t Au (113,000 ounces of contained gold) in the inferred category. Both estimates are calculated using a 1 g/t Au cutoff grade. Additional targets remain to be tested that are recognised as having potential for further high grade pods of gold mineralisation.
The Bouroum project is currently the subject of an ongoing pre-feasibility study that is investigating the joint development of Bouroum with the nearby Taparko project of High River Gold Mines Ltd. (“High River”) (HRGTSX). At Taparko, High River has previously announced an unclassified resource of 12.6 million tonnes with a grade of 2.6 g/t Au (1.04 million ounces of contained gold). Metallurgical work on Bouroum samples has shown that recoveries of at least 90% should be expected from both the oxide and sulphide material. Taparko mineralisation is reported to have yielded similar results.
AXMIN is confident that the pre-feasibility study will prove to be positive and that the subsequent bankable feasibility study will be progressed rapidly with a view to developing Burkina Faso’s first modern commercial scale gold mine. The relative interests of AXMIN and High River in the combined project will be determined once the results of the pre-feasibility study are at hand.
AXMIN can earn the entire interest of Channel Resources Ltd. (CHU-TSX) in the Bouroum permit by delivering a bankable feasibility study and purchasing 35% of the contained proven and probable reserves at Bouroum as included in the bankable feasibility study at a price of between US$10-15 per ounce.
The revised resource estimate was undertaken by independent group SRK Consulting (UK) Ltd. under the supervision of the qualified person Dr. M. Armitage (CEng, CGeol.). This report can be accessed on the SEDAR website at www.sedar.com. The results are shown at different cut-off levels below (ounces rounded to the nearest thousand):
Bouroum Project – Estimated Mineral Resource (Measured and Indicated)
|
Cut-off Grade
(g/t) |
Tonnes
(millions) |
Gold Grade
(g/t) |
Contained Gold
(ounces) |
| 3 |
1.0 |
6.0 |
193,000 |
| 2 |
1.8 |
4.3 |
249,000 |
| 1 |
3.9 |
2.8 |
351,000 |
| 0.5 |
4.2 |
2.7 |
365,000 |
|
Bouroum Project – Estimated Mineral Resource (Inferred)
Cut-off Grade
(g/t) |
Tonnes
(millions) |
Gold Grade
(g/t) |
Contained Gold
(ounces) |
| 3 |
0.2 |
6.2 |
40,000 |
| 2 |
0.6 |
3.3 |
64,000 |
| 1 |
1.6 |
2.2 |
113,000 |
| 0.5 |
1.7 |
2.1 |
115,000 |
|
The estimated mineral resources are not currently classified as mineral reserves which require economic viability to be demonstrated. As part of this process pit optimisation studies will be undertaken for the prefeasibility study.
AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across Africa, principally in the Central African Republic, Burkina Faso and Mali.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For additional information please contact: |
Mario Caron
President & CEO
Direct T: 416 304 6608
Judy Webster
Manager Investor Relations
T: 416 368 0993
ir@axmininc.com |
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities. |
