Tethyan boosts Reko Diq copper resourceBy: Peter GonnellaPosted:...

Tethyan boosts Reko Diq copper resource
By: Peter Gonnella
Posted: '11-AUG-04 07:22' GMT © Mineweb 1997-2004


Aussie-based Tethyan Copper Company [ASX:TYC] has lifted the H4 resource – which forms part of its Reko Diq copper project in Pakistan – by 35 percent to over 880,000 tonnes of copper metal. The low-grade H4 orebody, planned to support the proposed US$130 million phase one development at Reko Diq, is currently the subject of a bankable feasibility study, which is slated to be completed around the middle of next year. An updated indicated resource of 126.3 million tonnes grading 0.7 percent copper for a contained 884,000t of copper (at a 0.3 percent cut-off) was released to the market today (Wednesday), up from the earlier estimate of 654,000t. "We expect that a bigger proportion of this resource will be economically mineable than was the case for the previous resource," predicted managing director, David Moore. Shares in Tethyan, who listed on the ASX last October, finished the day steady at A$0.335, which is near its year-low price and translates into a market capitalisation of about A$37 million.