Volta Resources provides corporate update
Tuesday, Nov 27, 2012
Volta Resources Inc. (" Volta Resources" or the "Company") (TSX: VTR) today provided a corporate update. Volta Resources is currently transitioning from explorer to producer in Burkina Faso. In only the past three years, the company has increased its NI43-101 Resource to more than 4.1-million ounces of gold in the Measured and Indicated categories and an additional 1.0 million ounces of gold in the Inferred category. The projects are progressing successfully. They are technically and economically sound and on schedule. Management and its technical team are working diligently toward converting its flagship asset, the Kiaka Gold Project in Burkina Faso, into a producing gold mine. Optimization of the Kiaka Gold Project is the Company's immediate priority. Kiaka has many favorable characteristics that provide flexibility to increase efficiencies and to incorporate evolving standards of best practices in the global mining industry. The Company is committed to enhance shareholders' return on investment with a financing plan underway that aims to provide the most effective capital structure for the Company.
Kevin Bullock, Volta President and CEO, said, "Volta is at a stage that few exploration companies reach - we are about to realize the value of many years of effort as we advance Kiaka to the threshold of production. Just as we made Kiaka into a major gold deposit by being flexible, imaginative and prudent in our technical work, we aim to bring Kiaka into production in a way that increases capital market and shareholder values."
Kiaka Gold Project:
Volta Resources has initiated an investigation into optimizing the geological and resource models of the Kiaka Central Area by further improving the definition of the higher grade mineralized bands that are evident in this large gold deposit. This entails assessing alternative operating scenarios, including one which considers a staged approach to construction. This alternative could entail reducing initial ore throughput with selectively mined, significantly higher grade, material feeding a single-line processing plant (6Mtpa), while stockpiling lower grade material. This should lead to considerably reduced initial CAPEX requirements than would be needed for the larger twin-line processing plant (12Mtpa) outlined in the Pre-Feasibility study.
Significant progress has been made in this regard and the Company plans to issue an updated NI43-101 Resource in January 2013 along with more details on a phased approach to the Kiaka Gold Project development. The Company plans to issue the results from the Kiaka Gold Project Feasibility Study in the third quarter of 2013.
Gaoua Copper-Gold Porphyry Project:
The Company has completed 13,528 metres of drilling (107 RC holes & 27 DD holes) at the Gongondy and Dienemera copper-gold porphyry deposits. Results will be available within the next few weeks and work will commence on an updated resource. Volta plans to issue the updated NI 43-101 resource in the first quarter of 2013 which will be the basis for formalizing a plan to realize full value for the project.
SOURCE: Volta Resources Inc.