Cora Gold Ltd (AIM:CORA) shares advanced in Wednesday's trade, after it announced a new updated reserves and a new feasibility study for the Sanankoro project in southern Mali.
The probable reserve now stands at 531,000 ounces of gold at 1.13 grams per tonne.
The new feasibility study projects an internal rate of return of 65%, free cash flow of $479 million over the mine’s life, and average production of 64,000 ounces annually over the first five years.
“Sanankoro is an exceptional project well positioned to become a significant new high margin open pit oxide gold mine," said chief executive Bert Monro.
"We are delighted to have meaningfully increased the project's reserves, with an initial 10 year mine life.”
In London, Cora shares rose 7.4% changing hands at 9.66p.