The estimates for the Yerecoin South and North deposits remain unchanged.

The previous resource allocated all material to the Inferred classification. During this re-estimation an additional 95 pre-existing RC drill holes, not previously used, were incorporated, resulting in greater data density and hence greater confidence in the output. This allowed a partial increase in classification from Inferred to Indicated.

The mineralisation continues along strike so the resource has potential to increase in size following further drill testing.

The significance of this upgrade is that it provides greater confidence in the resource base and in particular allows Ore Reserves calculation and subsequent financial modelling to be completed for the Yerecoin Main Deposit.

Pit optimisation is scheduled to commence in September.

The new resource for Yerecoin Main is approximately 16Mt lower than the previous estimate, largely resulting from the updated geological interpretation and is not significant from an exploitation perspective.

The total Yerecoin Resource (incorporating the Main, North and South zones) stands at 388.3Mt at 67.8 per cent Concentrate Fe.