For those not too good with maths thats double and a half and...

For those not too good with maths thats double and a half and doubled resource

Big boost for Bolnisi

Rebecca Lawson
Friday, 21 September 2007


BOLNISI Gold has increased it gold and silver resource at its Guadalupe project in Mexico by 154% and 99% respectively.



Bolnisi drilling

The company announced yesterday that Guadalupe's indicated and inferred resources were at a contained 394,000oz gold and 38.91 million oz silver.

Previously the resource was at 155,000oz gold and 19.57Moz silver.

Resource grade has also increased from the previous gold equivalent of 2.76 grams per tonne to 5.17gpt in the indicated category and 3.81gpt gold equivalent in the inferred resource.

"Mineralisation at the Guadalupe project is characterised by an upper silver-rich epithermal zone that becomes progressively more gold rich at depth," Bolnisi said.

"The resources reported below remain open along strike and at depth. In addition, clay blooms identified several hundred metres to the north of Guadalupe Norte remain highly prospective."

The latest resource estimate was completed by United States company Mine Development Associates.

Bolnisi is being acquired by the US-based company Coeur d'Alene Mines and the transaction is expected to be finalised in the final quarter of this year.

Shares in Bolnisi closed down 1c to $2.66 yesterday on the back of the news and were trading at $2.81 late this morning.