Apollo Gold Corporation has announced the results of a new mineral reserve and resource estimate at its Black Fox Project in Ontario, Canada.
Prepared by SRK Consulting, the new estimate demonstrates a total reserve of more than one million ounces of gold, comprising 625,000 ounces in an open pit mine, with an average grade of 5.8 grams per tonne.
The remainder is composed of 377,000 ounces underground, with an average grade of 10.6 grams per tonne.
Resource estimates indicate just under a million tonnes at grade 4.5 grams per tonne open pit, and 667,000 tonnes at grade 10.1 grams per tonne underground.
Apollo president and chief executive R David Russell commented: "I am very pleased that we have been able to increase the reserves at Black Fox to 1,000,000 ounces of gold which includes underground reserves at an average diluted/minable gold grade of better than 10.5 grams per tonne.
"Our next objective is to complete a bankable feasibility study which will be carried out by SRK Consulting and should be completed in the first quarter 2008."
He added that the company plans to conduct an infill drilling program in the meantime.
Apollo also has properties in Montana and Chihuahua, Mexico.