African Barrick Gold has added significantly to the mineral resource estimate for the Tusker deposit at its Nyanzaga project in Tanzania. The updated in-pit resource now exceeds 4 million oz of gold, consisting of 3.48 million oz indicated and 598,000 oz inferred. “This increases our confidence that the project, which comprises the Tusker and Kilimani deposits, has the potential to be our next mine in Tanzania,” the African Barrick announcement said.

Since acquiring 100% of the Nyanzaga project in May 2010, African Barrick has undertaken an extensive step-out and infill drilling program at both the Tusker and Kilimani deposits. A total of 91,537 m have been drilled since May 2010, representing an investment of $21.7 million. This highly successful program has extended the known gold mineralization and delineated additional resources closer to surface.

Further exploration was scheduled during the first quarter of 2012, with the objective of defining the resources at depth at Tusker. At the same time, the scoping study for the project continues, including detailed geotechnical and metallurgical drilling and modeling across the potential Tusker pit area, infrastructure trade-off studies, environmental and social baseline studies, and licensing for the project. The scoping study was scheduled for completion late in the first quarter or early in the second quarter of 2012. (