The Conversation (0)
i-minerals inc. (CVE:IMA) reports drilling is underway to upgrade portions of Kelly’s basin deposit under the mine plan to proven reserves from the current probable reserves.
The press release is quoted as saying;
As noted in the Company’s March 9, 2011 press release SRK Consulting (US) Inc. (“SRK”) of Denver, Co has provided collar locations for fifteen relatively short drill holes, (~ 150 feet) which would be sufficient to upgrade the first 10 years of the mine plan to proven reserves. Rather than limit the proven reserves to 10 years with the balance remaining probable reserve, the Company has elected to drill a total of 33 holes to upgrade a larger reserve with a mine life of 20 years to the proven category.
i-minerals’ President and CEO, Thomas Conway says:
“This small program is a simple series of in-fill holes, samples from which will be sent for whole rock analysis to confirm the grade and thickness of the Kelly’s Basin ore body currently categorized as a probable reserve. Strong progress is being made on the permitting process as well and we remain in schedule for submission of the permitting documentation and the beginning of the review and approval process on or about August 15 as well.”
Click here to access the entire news release.
