Walkabout Resources Ltd. estimated maiden ore reserves at its Lindi Jumbo graphite project in southeastern Tanzania of 5 million tonnes at 16.13% total graphitic carbon for 809,081 tonnes of graphite concentrate in the proven and probable category.

According to an April 3 statement, the estimate is based only on the measured and indicated resources material, not inferred resources.

A recent definitive feasibility study for a proposed open-pit mine and graphite processing plant at the Lindi Jumbo project pegged a posttax net present value of US$230 million, discounted at 10%, and an 85.9% internal rate of return for a 20-year mine life.