Xstrata Finds Increased Copper Reserves in PNG

Xstrata Copper has found increased mineral reserves and indicated resources at the Horse-Ivaal-Trukai (HIT) deposit in the Frieda River copper-gold project, Papua New Guinea.

According to Xstrata, the HIT resource estimate represents 8.6 million tons of contained copper metal and 14.3 million ounces of contained gold metal.

Contained copper marked a 52% jump in the total mineral resource and a 125% increase in the measure and indicated resource categories.

Xstrata Copper executive general manager project development Asia Pacific Peter Forrestal said the company will finalise the drilling programme and technical studies for the feasibility study, which is slated to complete in the first quarter of 2012.

"We also continue to undertake extensive environmental baseline studies and stakeholder engagement activities for the project’s Environmental and Social Impact Assessment, which we expect to finalise by the end of the year," Forrestal said.