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i-minerals inc. (CVE:IMA) reports that drilling is underway to upgrade the first 20 years of production under the mine plan to proven reserves from the current probable reserves.
i-minerals inc. (TSXV:IMA) reports that drilling is underway to upgrade the first 20 years of production under the mine plan to proven reserves from the current probable reserves.
The press release is quoted as saying:
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. The infill drilling will not be completed and assays received in time for incorporation into the Feasibility Study which remains on track for completion on or about August 15, 2011. Whether the Company uses probable or proven reserves will not impact the feasibility level assessment of the economic viability of the Kelly’s Basin deposit, but the upgrade to proven reserves will facilitate the raising a portion of the capital costs through debt instruments such as state revenue bonds as mine life of the proven reserve will be greater than the repayment period of the bonds.
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.
