25 May 2012

More grade cheer for Shanta Gold

31/01/2012 Robert Tyerman

Shanta Gold (SHG) says drilling at its New Luika gold mine in Tanzania has yielded more encouraging results from its Bauhinia Creek orebody.

The AIM-quoted company cites boreholes showing 14 metres with 11.6 grammes of gold per tonne of ore, 11 metres with 21.7 grammes a tonne, 10 metres with 26.9 grammes a tonne and other cheerful indications.

Guernsey-based Shanta indicates it expects to produce a revised resource statement for New Luika at the end of April, reflecting new figures for Bauhinia Creek, which should lead to a new mining plan, showing an increase in strike length and depth of the pit to be mined there. Chairman Walton Imrie comments 'the organic growth which we have always believed would take place at New Luika has come a little earlier than expected.'

Highlighted by Growth Company Investor at 21.75p, Shanta Gold's tightly-held shares, which have traded between 35.25p and 18.13p over the past year, now change hands at 28.38p, up 2.38p this morning, valuing the company at £77 million. Hold on for now.

Tags: AIM market, Bauhinia Creek, New Luika gold mine, Tanzania, Walton Imrie

Sector: Mining

Companies: Shanta Gold

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