Highland Gold Mining Ltd. reported higher reserves and resources Jan. 14 at the Mnogovershinnoye gold mine in Russia, increasing the projected mine life to 2029 from 2022.
Proven and probable ore reserves at the mine rose to 771,569 ounces of gold contained in 9.0 million tonnes grading 2.7 g/t.
The reserve grade was downgraded from 5.5 g/t gold, which reflected lower cutoff grades and an increase in ore volume from 2.7 million tonnes.
The total indicated and inferred resource rose to about 1.5 million ounces of gold contained in 14.1 million tonnes grading 3.2 g/t.
The update took into account data from near-mine exploration conducted in 2017 and updated mining parameters.