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Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: SLR
Latest Price: A$2.55  (3.24% Ascending)
52-week High: A$3.87
52-week Low: A$1.61
Market Cap: A$561.67M
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Silver Lake Resources
www.silverlakeresources.com.au

Silver Lake Resources (ASX: SLR) is a gold producing and exploration company with a resource base of 3.3 million ounces in highly prospective regions including the Mount Monger goldfield and the Murchison (Tuckabianna, Comet and Moyagee).

 

Silver Lake Resources' strategy is to develop large production centres at Mount Monger and at the Murchison with multiple mines at each centre. Silver Lake's exploration program is targeting 5 million ounces of gold in resource.

Full Silver Lake Resources profile here
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Silver Lake Resources bonanza gold hits in definition drilling at Mount Monger

4th May 2011, 5:21 am

Silver Lake Resources (ASX: SLR) has had some bonanza near surface gold hits from definition drilling down to 30 metres at Wombola Dam, part of the Mount Monger project located near Kalgoorlie.

Highlights include:

- 1.0 metre at 79.5 grams per tonne (g/t) gold from 10 metres;
- 2.0 metres at 76.5g/t gold from 22 metres;
- 2.0 metres at 49.0g/t gold from 6 metres; and
- 2.0 metres at 41.9g/t gold from 13 metres.

The latest discoveries will help build the case towards a decision to mine announcement, which Silver Lake said it expects in the September quarter 2011.

Exploration at the project continues to move forward at speed, with Silver Lake presently reinvesting surplus cashflow into exploration via five drill rigs.

Wombola Dam has a current JORC Resource of; 557,200 tonnes at 3.0g/t for 53,500 gold ounces.

For the entire Mount Monger operations, Silver Lake is targeting to increase production to 200,000 ounces annually by 2014, which would be achieved from mining multiple underground and open pit ore sources.

The Mount Monger operations have a current JORC Resource of; 4.73 million tonnes at 8.7g/t for 1.33 million ounces of gold.

To help the production target, last month Silver Lake committed to progressively upgrade the nearby Lakewood Gold Processing Facility to one million tonnes per annum.

The current capacity is 400,000 tonnes annually of hard rock, or 600,000 tonnes of soft rock.

Stage one of the upgrade will move to 700,000 tonnes of hard rock, with a budget estimate between A$7 million and A$8 million.

Stage two for the one million tonnes of hard rock has a budget estimate of A$4 million to A$5 million.

Silver Lake is targeting a 5 million gold ounce resource.

 

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