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The gold reserves at both the Mount Rawdon and Bonikro projects have been increased as a result of the re-optimisation of the pit designs using more reflective long term gold prices. The use of higher gold prices has allowed the optimised pit designs to be driven deeper to capture resources located below the previous pit shells.
Equigold is pursuing its objective of increasing reserves and extending the mine life of the current operations by initiating a more aggressive exploration program at the mines themselves and in the vicinity of the mines.
Development
The development of the Bonikro project in Ivory Coast in 2007 will have a significant impact on Equigold:
• Attributable gold reserves increase to in excess of 2 million ounces.
• Total annual gold production on commencement of the Bonikro project to lift to around 220,000 — 250,000 ounces.
• The scope to increase mineable resources around Bonikro will be significantly enhanced with the establishment of the process plant and associated infrastructure. Resource definition work is already underway at the nearby Hiré deposit where a preliminary inferred resource of 246,000 ounces has recently been quoted.