Lihir Gold Ltd
(ASX:LGL) has announced that gold reserves at its Bonikro operation in the Ivory Coast have fallen by 18%.
Total ore reserves in March this year were 760,000 ounces, compared to the previous stated reserve of 930,000 ounces in October 2006.
The company has blamed mining depletion of 275,000 ounces, an increase in the gold price assumption and changes to the resource model for the reserve downgrade.
The latest reserve estimate does not take into account drilling since November 2009 and does not include any estimates related to the adjacent district.
Lihir says it now has total proved and probable ore reserves at Bonikro of 17.2 million tonnes of ore at an average grade of 1.38 grams per tonne for 760,000 ounces.
CEO Graeme Hunt says this is a good outcome for the Bonikro operation and underpins its value prior to the completion of the expansion feasibility.
Lihir Gold booked a loss of almost $261 million for calendar 2009.
