Moly Mines Expands Spinifex Ridge with Updated Resource Estimate

Mining Weekly reported that Moly Mines (TSX:MOL) said a 27% increase in mineral reserve estimated at the Spinifex Ridge property should increase the life of the mine.

As quoted in the market news:

The increase, which the company attributed to a combination of additional infill drilling and a review of the in situ bulk density used in the 2010 resource estimate, followed a review of the operations data including actual load, haul and crushing statistics from the first 12 months of operations at Spinifex Ridge. The company anticipated that the resource increase would extend Spinifex Ridge life-of-mine until the second half of calendar year 2016.

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