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Beadell Resources reports 3% decrease in Tucano reserve, resource estimates

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Beadell Resources reports 3% decrease in Tucano reserve, resource estimates

Beadell Resources Ltd. on Dec. 19 released updated JORC-compliant ore reserves and resource estimates for its Tucano gold mine in Brazil to help the company's year-end budgeting and life-of-mine scheduling.

As of June 30, the project is estimated to host total ore reserves of 25.1 million tonnes at 1.83 g/t of gold for 1.5 million ounces and resources of 63.5 million tonnes at 1.82 g/t of gold for 3.7 million ounces. Tucano's open pit reserve grade rose 5% to 1.77 g/t of gold and total ore reserve grade increased 5% to 1.83 g/t of gold.

Figures for reserve and resource estimates represent a 3% decrease, as a result of production until the end of June, and include 58 holes for 12,073 meters of reverse circulation, diamond exploration and resource definition drilling completed in the first half of 2017 mostly in the Tap AB complex.

Beadell expects the Urucum deposit to be a major mill ore source in the second half of 2018, following the completion of plant upgrades at Tucano, as the deposit's open pit ore reserves remain unchanged at 10.3 million tonnes at 1.73 g/t of gold for 568,000 ounces of gold.

According to the company, exploration drilling at the project will accelerate further over the coming months. Drilling continues at the Mutum and Torres targets, with results anticipated over the new-year period.