Allied Nevada Gold reported in late February 2012 that infill drilling at its Hycroft mine in Humboldt County, Nevada, along with additional engineering studies, has successfully upgraded 2.5 million oz of gold and 93.3 million oz of silver to the proven and probable mineral reserve categories.
Total proven and probable mineral reserves on December 31, 2011, were 12.7 million oz of gold and 481.9 million oz of silver, representing a 24% increase to both gold and silver contained ounces in comparison with the company’s June 30, 2011, reserve estimate. Measured and indicated mineral resources (exclusive of reserve) at year end 2011 were 8.2 million oz of gold and 236.9 million oz of silver, increases of 21% and 16%, respectively, from the June 30, 2011 resource estimate.
“We have successfully extended the mine life by continuing to focus our efforts on upgrading the resources at Hycroft,” Allied Nevada President and CEO Scott Caldwell said. “In 2012, drilling at Hycroft will be directed toward continuing to develop the current resource area as well as step-out targets on the greater Hycroft property.”
