Rambler Metals and Mining has extended the life of its ming copper-gold mine in Newfoundland, Canada, by a year after it updated reserves and resources of the facility.
The mine is estimated to contain a proven and probable reserve of 56,719,272lb of copper, 101,404oz of gold and 459,788oz of silver.
The updated mineral resource is estimated to contain 697,656,693lb of copper, 221,873oz of gold and 1,511,643oz of silver in the measured and indicated categories.
Rambler Metals said that all zones remain open to additional exploration.
The company said that the reserve itself shows the replacement of all tonnes mined from the 1807 zone to date.
Mining of the 1807 zone has seen an average of a 39% increase in total tonnes mined from stope ore blocks, when compared with the planned reserve published in August 2010.
Rambler Metals has also completed additional work on verifying the historical pillars in the mine in order to increase the resource confidence interval from inferred to indicated category.
The company said through the systematic approach it has been confirmed that the tonnes and grade of all remaining pillars in the mine are accurate and classified under the indicated resource category.
The remaining pillars in the mine are estimated to contain 274,000t of 3.94% copper with 2g per tonne of gold.
Rambler Metals and Mining president and CEO Norman Williams said: "Replenishing the resources and reserves of the ming mine is a top priority for the operations exploration programme.
"Throughout the 2013 fiscal year, the underground development crews were focused on capital development into the 1807 ore body allowing for sustained production from this area."