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Market: ASX
Sector: Gold Mining
Epic: LGL
News: Latest news
Web Site: Lihir Gold Limited
Other Articles: 20-01-201030-10-200927-08-2009

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Lihir Gold Limited

Lihir Gold Limited

Lihir Gold Limited is a gold producer in the Australasian region. The Company’s principal activities consist of the exploration for, development of and mining, processing and sale of gold assets. The company operates gold mines and processing facilities on the island of Lihir, 900 kilometers northeast of Port Moresby in New Ireland province of Papua New Guinea. In March 2007, the Company completed a merger with Victorian gold mining company Ballarat Goldfields NL. Ballarat is building an underground mine and process plant at the historic gold mining centre of Ballarat, 110 kilometers north-west of Melbourne in Victoria. In March 2008, the Company and Equigold NL announced the merger of their businesses.
Friday, October 30, 2009

Lihir Gold increases its gold reserves base to 28.8m ounces

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Lihir Gold Limited (ASX:LGL) has increased reserves at its Lihir Island gold mining operation by 7.5 million ounces, taking total ore reserves to 28.8 million ounces of gold at 30 June 2009.

This 36% increase in reserves is the net result of a number of factors and reflects the investment put into the operation by the company, said Lihir chief executive Arthur Hood.

“This outstanding increase in reserves we are announcing today is a reflection of the true world class quality of the Lihir Island ore body, and leads directly to an increase in the value of the project for all LGL shareholders,” Mr Hood said.

 “It also confirms the benefits of the initiatives that have been put in place over the past few years to lift production at Lihir Island and improve the economicsof the project.”

Total Ore Reserves at 30 June 2009 are estimated at 330.8 million tonnes at 2.71 g/t for 28.8 million ounces. This is an increase of 7.5 million ounces before allowing for the net depletion of Reserves by mining activities of 0.5 million ounces (pit depletion of 0.6 million ounces and stockpile addition of 0.1 million ounces) between 31 December 2008 and 30 June 2009. The depletion includes gold not recovered in processing and delivered to tailings.

The increase in reserves was helped by the expansion and refinement of the proposed pit shell and additional resources incorporated in the December 2008 Resource model following successful resource drilling over recent years.

 A rise in the long term gold price assumption from $675/oz to $800/oz and adjustments to cost assumptions of mining and processing costs offset by the cost benefits from the Million Ounce Plant Upgrade project at Lihir Island currently under construction were also positive contributing factors.

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