MINING REFINING

Shanta Gold's resources hold steady ahead of takeover vote

Wed April 03 202

Shanta Gold Ltd (AIM:SHG, OTC:SAAGF) said resources and mine life expectations at its two producing mines were unchanged at the end of 2023 from a year earlier. Group-wide resources comprise 3.51 million oz grading 3.31 g/t gold, with 931,000 oz at New Luika and 823,000 oz at Singida, Shanta’s two producing mines in Tanzania.

Kakamega Camp has a NI 43-101 resource of 1,285 Koz grading 10.60 g/t gold while  Ramula’s NI 43-101 resource is 470,000 oz grading 2.41 g/t. New Luika’s reserve-based mine life remains unchanged at the end of the first quarter of 2028 and for the end of 2029 at Singida.

In West Kenya, resources are 1.76 Moz grading 5.55 g/t gold said the statement. Eric Zurrin, chief executive, commented: "A key focus for Shanta in Tanzania in 2023 was the completion of construction at Singida, our second producing mine.

Having achieved commercial production at Singida in June 2023, the company was once again able to direct financial resources towards targeted drilling at both New Luika and Singida in the second half of 2023.

"The reserve-based mine life at both mines remains unchanged from the end of 2022 and work remains ongoing in adding new reserves to the mine plan. Shanta’s update comes ahead of a shareholder vote this week on a takeover offer from Saturn Resources worth 14.85p per share.

Source: https://www.proactiveinvestors.co.uk/