Freda gold resource up 61pc

percent to 1,67 million ounces following a re-evaluation.
The development comes as the Freda Rebecca Phase II expansion programme is “progressing well”, according to indications from the company.
Parent company Mwana Africa Plc said that Freda’s average monthly productions achieved for the three- and six-month periods to March 31 2011 were 2 858 and 2 720 ounces respectively.
For the financial year to date, Freda Rebecca produced 27 211 ounces of gold, with 3 573 ounces of gold produced in March. Commenting on the development, Mwana Africa chief executive officer Mr Kalaa Mpinga said the increased resource is expected to form the basis of an extended life of the Freda Rebecca Mine.
“The focus over the past 12 months has been on the Phase I rehabilitation and production ramp-up at our primary gold asset in Zimbabwe.
“This resource evaluation demonstrates the longevity and potential of the operations at Freda Rebecca. The mine boasts 200 000m of historical drilling, including 25 000 ore body intercepts, and a proven production history.
“The addition of this robust updated resource model will put us in a strong position as we move to Phase II of the production ramp-up to 50 000 ounces per annum over the coming months,” he said.
The Phase II expansion is targeted to a production rate of 50 000 ounces annually and has already been fully funded.
BMRE Mineral Resource Solutions of South Africa carried out the re-evaluation of Freda’s mineral resources and was independently verified by SRK Consulting (UK) Limited.