Rio Novo Gold Announces New Resource Estimate at Almas Gold Project

Rio Novo Gold Inc. (TSX:RN,TSX:RN.WT) announced a new resource estimate for its Brazillian Almas Gold Project.

As quoted in the press release:

An increase of 39,193 oz Au (5%) in the total M&I categories and 364,630 Oz Au in the Inferred category when compared with the previous announcement of April 3, 2012. Continuing studies indicate a potentially high conversion rate from current M&I resources to reserves, which will be the basis for the Definitive Feasibility Study (“DFS”) to be published within the next few weeks. Exploration potential remains strong in the Almas gold district with many prospective targets within the 90,367 ha of Exploration License (including 9,137 ha of Mining Concession). Rio Novo also has 95,431 hectares under application for Exploration License.

Rio Novo Gold’s President and CEO, Julio Carvalho, said:

The updated resources are an important milestone in the completion of the DFS of the Almas Gold Project, which is now fast approaching its conclusion” commented Julio Carvalho, President and CEO of Rio Novo Gold. “Total resources have increased along with a higher level of confidence associated with DFS parameters. We are now running the final mine production schedule, which will feed into an updated Capex and Opex.

To view the whole press release, click here.