Major increases in proven and probable reserves of gold have been reported at mines in Mexico and the Philippines.
Capital Gold Corporation yesterday (September 4th) announced a major increase in expected yield from its El Chanate Gold Mine in the Mexican province of Sonora, Mexico.
Meanwhile Australian-based exploration company Medusa Mining increased its resource estimate for the Co-O mine in the Philippines to 713,000 ounces, constituting an increase of 266 per cent.
The new estimates show that concerted drilling efforts in both mines have been very much worthwhile. For Capital Gold Corporation the breakthrough comes by virtue of an 8,300 meter reverse circulation drilling campaign that started in February of this year.
Chairman of Capital Gifford Dieterle announced that his company was "absolutely thrilled with the new numbers", which saw the El Chanate mine raise its estimated reserves by 70 per cent from previous calculations.
Through Mexican subsidiaries and affiliates, the Capital Gold Corporation owns 100 per cent of the El Chanate gold mine property, with the revised estimations representing a major boost to the firm.