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Millennium updates Redbeard reserves; gold production to start by end of July

An updated reserves estimate for the Redbeard gold deposit, part of Millennium Minerals Ltd.'s Nullagine mine in Western Australia, outlined 153,000 tonnes grading 3.5 g/t for 17,200 ounces in the probable category.

The company said July 3 that production from the oxide deposit is on track to start later in the month.

Reserves are included within measured and indicated resources and surveyed stockpiles and were estimated using a cutoff of 0.7 g/t.

Millennium said the Redbeard analysis represents a resource-to-reserve conversion rate of 76%, making it the highest-grade deposit defined to date at Nullagine. Deeper drilling is underway on the Redbeard deposit as part of the company's plans to assess a potential underground operation.

The company is also planning to complete initial resource estimates for the Golden Gate mining center, which is next to Redbeard and was last mined in 2014.