Leyshon Resources has a proud history as one of Australia’s most financially successful gold mining companies having produced over 2.7 million ounces from its Mt Leyshon Gold Mine in Queensland and distributed over A$300 million dollars to its shareholders over its 15 year life. Today Leyshon has divested its Australian mining and exploration interests and is focused on the Zheng Guang project in Heilongjiang, northeast China. Zheng Guang has estimated the resource of 1.21 million ounces of gold, 94,000 tonnes of zinc and 3.72 million ounces of silver. The company forecasts annual revenues of 90 mln usd from the project at current metal prices, and EBITDA of 54 mln usd on cash operating costs of some 155 usd per ounce
Leyshon Resources upgrades Zheng Guang Project resource
Leyshon Resources (AIM & ASX: LRL) announced a "substantially" upgraded resource estimate for the Zheng Guang gold-zinc project in China.
The revised resource estimate included an additional 43,500 metres of drilling conducted during 2007, and used a cut off grade of 0.5 grams per tonne gold. The result was an increase in the overall resource to 30 million tonnes, with a 60% increase in the measured and indicated resource to 16 million tonnes. Overall contained gold decreased by 4% to 1.16 million ounces, while contained silver rose 20% to 4.5 million ounces and zinc content jumped by 30% to 120,000 tonnes.
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