25 May 2012

Drilling hopes for Kryso

03/06/2009 Robert Tyerman

Kryso Resources says it hopes to increase gold resources at Pakrut in Tajikistan after finding mineralisation in a new ore zone.

The London-based company reports it has intersected mineralisation over 30 metres from a ‘virtually unexplored’ ore zone, known as Ore Zone Six, at Pakrut. AIM-quoted Kryso has already established an estimated gold resource of 1.7 million oz there at a low grade of 2.53 grammes of gold per tonne of ore and says it expects current drilling to justify an increased resource estimate later this year.

By then, the company, steered by chairman and acting managing director Trevor Davenport, hopes a bankable feasibility study should be completed for a mining operation producing more than 100,000 oz of gold a year. In 2008, an internal pre-feasibility study suggested cash costs (before capital expenses) of $291 an ounce, against today’s $982 market price.

Floated at 10p five years ago, Kryso shares soon reached 17.25p before going into retreat. After touching 3.13p over the past year, they now trade at 6p, valuing the company at £5.9 million, where their appeal is speculative.

Tags: Penny shares, Speculative punts

Sector: Mining

Companies: Kryso Resources

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