Auriant Mining AB(publ) is pleased to announce the Kara-Beldyr JORC resources update.
Auriant has completed a resourse estimate of the Kara-Beldyr deposit in accordance with JORC. The assessment was made by Wardell Armstrong International, a UK based Engineering, Environmental and Mining consultancy group. According to the report Kara-Beldyr indicated resources amounts to 619 thousand ounces of gold (19.2 tons) with average grade of 2.43 g/t and 774 thousand ounces of silver (24.1 tons) with an average grade of 2.96 g/t. Inferred resources amounts to 205 thousand ounces of gold (6.4 tons) with an average grade of 4.70 g/t and 162 thousand ounces of silver (5.0 tons) with an average grade of 3.50 g/t. Total gold resources (both indicated and inferred) amounts to 25.6 tons of gold.
Based on the resource assessment a mining operation producing up to 2 tons of gold annually for over 10 years could be envisioned.
The Kara-Beldyr property is covered by a 34 km2 license area, located in the Republic of Tyva approximately 120 km southeast from Tardan mine
In 2008, Auriant Mining entered into a joint venture agreement with Centerra Gold Inc. for the exploration and development the Kara-Beldyr deposit whereby Centerra earned a 70% interest in Kara-Beldyr in exchange for funding the exploration program. According to an estimate published in 2012 Kara-Beldyr resources contained 289 thousand ounces of gold in Indicated category and 211 thousand ounces in Inferred category. In 2014 Auriant Mining acquired Centerra’s 70% interest and became the sole owner of the property, and started work to confirm the KB reserves. According to the terms of the acquisition agreement, Auriant will pay Centerra a 3.5% Net Smelter Royalty on any future mineral production from the Kara-Beldyr property.
Commenting on above, Sergey Ustimenko, CEO, said: “By placing the Kara-Beldyr property in production Auriant could increase its gold production to up to 3 tons per annum and thereby become the largest gold producer in the Republic of Tyva. We continue to assess capital required to construct a mine at Kara-Beldyr and work on the feasibility study. Auriant Mining is looking forward to raising new capital in order to finance the Kara-Beldyr launch”.
For more information, please contact:
Sergey Ustimenko, CEO
tel: +7 495 660 22 20
e-mail: sergey.ustimenko@auriant.com
Company name: Auriant Mining AB
Short name: AUR
ISIN-code: SE0001337213
Website: www.auriant.com
Twitter: @auriantmining
Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye and the Republics of Khakassia and Tyva. The company has currently four assets, including one operating mine (Tardan), one early stage exploration asset and two development assets.
Since July 19, 2010, Auriant Mining´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name AUR. For more information please visit www.auriant.com. Mangold Fondkommission is Certified Adviser to Auriant, for more information please call +46 8 503 015 50 or visit www.mangold.se.
This information is information that Auriant Mining AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:00 CET on October 12, 2016.
Cautionary Statement: Statements and assumptions made in this report with respect to Auriant Mining AB’s (“AUR”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of AUR. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where AUR operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) AUR’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. AUR assumes no unconditional obligation to immediately update any such statements and/or forecasts
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