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AUSTRALIA'S NEWCREST LIFTS GOLD RESERVES TO 28.2 MLN OUNCES.
MELBOURNE, Sept 1 Asia Pulse - Australia's biggest gold producer Newcrest Mining Ltd (ASX:NCM) has increased its total gold reserves to 28.2 million ounces.
The company said the rise, as of June 30, 2004, reflected the success of its reserve replacement strategy which ensured the 761,780 ounces of gold produced during the 2003/04 year were replaced.
Newcrest's resource and reserve statement released today indicated total group resources of 62 million ounces of gold and five million tonnes of copper in situ.
This is an increase of nine million ounces of gold and 1.2 million tonnes of copper over that reported a year earlier.
Fat Prophets gold analyst Grant Craighead said the increase in reserves was slight and not significant.
"The material change is the extra resources yet to be upgraded to reserves at Cadia East," Mr Craighead said.
An extra 8.4 million ounces of gold and 1.2 million tonnes of copper were located at Newcrest's Cadia East resource in New South Wales.
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...after a study estimated there was a six million ounce gold reserve at its Cadia East deposit in NSW. The miner had already reported a mineral resource of up to 18 million ounces at Cadia East but had not, until now, confirmed it in the...
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...from 184,415 ounces the previous quarter...cost of $481 an ounce, from $315 an ounce...ounce from $442 an ounce, while copper production...drilling program of the Cadia East underground resource...was 4.7 million ounces, and copper hedging...quarter was $US563 an ...