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Ramelius ups Greenfinch deposit's gold reserve 88%

Ramelius Resources Ltd. said June 6 that the ore reserve for the Greenfinch deposit, part of the Edna May gold mine in Western Australia, increased 88% to 62,000 ounces of gold contained in 1.7 million tonnes grading 1.2 g/t gold.

In December 2016, Evolution Mining Ltd. outlined an ore reserve of 33,000 ounces of gold contained in 830,000 tonnes grading 1.22 g/t gold for the Greenfinch deposit, which is a strike extension to the immediate west of the Edna May deposit.

The resource estimate for the project now stands at 948,000 ounces of gold contained in 30.4 million tonnes grading 1.0 g/t gold in the indicated and inferred categories, reflecting a 12% increase from Evolution's estimate in December 2016.

Included in the resource estimate was an indicated and inferred resource at Edna May of 794,000 ounces of gold contained in 26.1 million tonnes grading 0.9 g/t gold, which excludes the stage-two open pit and stockpiles. The Greenfinch deposit hosts indicated and inferred resource of 154,000 ounces of gold contained in 4.3 million tonnes grading 1.1 g/t gold.

The updated ore reserve and resource estimate incorporated data gathered from drilling programs conducted in late 2017 and earlier this year.

In October 2017, the ASX-listed gold miner completed the A$90 million acquisition of Edna May from Evolution. An evaluation of the next phase of either an underground or open pit mining at the mine has started, and Ramelius is awaiting regulatory approval to mine the Greenfinch deposit.