African Barrick Gold has released an initial mineral resource for its Golden Ridge project in northwest Tanzania, confirming the potential to develop a substantial satellite operation to its Buzwagi gold mine from 2013. The initial resource consists of 527,000 oz grading 2.94 g/mt gold indicated and 152,000 oz grading 2.52 g/mt gold inferred. Additional exploration drilling at the project is scheduled for the second quarter of 2011 aimed at expanding the total resource. A feasibility study is on track for completion by the middle of 2011.
The Golden Ridge prospect covers approximately 1,600 ha and is located about 50 km north of the Buzwagi gold mine and 34 km southeast of African Barrick’s Bulyanhulu gold mine.