Source: GBS Gold International Inc.
GBS Gold International Inc.: Resource Update-Cosmo Deeps
Monday November 27, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Nov 27, 2006 -- GBS Gold International Inc. (TSX:GBS.TO - News) ("GBS Gold" or the "Company") is pleased to announce an update to the resource estimate for the Cosmo Deeps deposit within its Union Reefs Operations Centre in the Northern Territory of Australia.
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Highlights include:
- Following drilling earlier this year into the Western Lodes of the Cosmo Deeps deposit, the resource estimate for the Western Lodes has been increased to comprise an indicated resource of 1.2 million tonnes (Mt) at an average grade of 3.5 grams per tonne (g/t) for 133,000 ounces of contained gold, and an inferred resource of 0.8Mt at 3.7g/t for 95,000 ounces of contained gold. This new estimate represents an increase of 87,000 ounces in the indicated resource category and 50,000 ounces overall.
- The significance of the Western Lodes has increased with the new resource estimate. Drilling has already commenced to test for along-strike continuations and down-plunge extensions to the identified high-grade zones. Future resource increases are anticipated.
- The resource estimate for the whole Cosmo Deeps deposit now comprises indicated resources of 4.6Mt at 4.6g/t for 690,000 ounces of contained gold, and inferred resources of 5.2Mt at 3.6g/t for 600,000 ounces of contained gold.
- GBS Gold's
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total gold resource base comprises
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measured and indicated resources of 18.5Mt at 3.4g/t for 2.0 million ounces of contained gold,
and inferred resources of 20.5Mt at 2.3g/t for 1.5 million ounces of contained gold.
Cosmo Deeps
The Cosmo Deeps gold deposit is located adjacent to the main highway approximately 150km south of the city of Darwin in Australia's Northern Territory, and approximately 60km northwest of the Union Reefs gold plant. GBS Gold is planning to commence underground mining of the deposit in 2008.
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