Resolute Mining Ltd (ASX:RSG) has made material increases to its resources and reserves across its three projects as at 30 June 2018 thanks to exploration success.
Its global Ore Reserves increased 17% on last year to 5.9 million ounces of gold and its Mineral Resources increased 35% to 16.5 million ounces of gold.
Notably, the increases were net of mining and stockpile depletion of 309,000 ounces of gold during FY18.
Profitable dividend paying gold miner
Resolute’s managing director and CEO John Welborn said: “Resolute is a profitable dividend paying gold miner.
“Our updated Mineral Resource and Reserve Statement underpins the company’s portfolio of long life mines and our ability to achieve targeted production growth.
“Exploration success is driving genuine value creation by enabling the development of more efficient lower cost longer life gold mines.
“We will continue to make focused investments to discover and define gold resources that we can efficiently mine, process, and market for the benefit of our shareholders.”
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Welborn added: “Resolute now controls 6 million ounces of gold in Ore Reserves which are located immediately beneath existing mills and processing plants which we own and operate with strong recoveries.
“The company is undergoing a transformation that aims to expand the quantity and quality of gold inventories to enable growth in production and the delivery of lower costs.
Exploration continues in Mali
“Our investment in exploration will continue with active programs currently underway in Mali at Tabakoroni, Nafolo, and Syama.
“I remain confident that the continued expansion of the size and scale of our Mineral Resources, and the improvement in our operating model and cost structures, will continue to drive a revaluation of Resolute.”