Gold-Ore Resources Ltd. said Wednesday it was increasing the underground reserves at its Bjorkdal gold mine in Sweden by 210 percent.
The Vancouver-based company's new reserve figures are the first updating since October 2009.
Underground reserves have increased to 112,078 ounces, net of mine depletion that constitutes a 210 percent increase. Open pit mineral reserves have increased to 205,696 ounces, net of mine depletion that constitutes a 58 percent increase.
Proven and probable gold reserves for both the open-pit and underground units of the Bjorkdal mine now total 317,774 ounces, which at current annual production rates represents approximately eight years of mine life, a significant increase from the previous reserve life, Gold-Ore said.
Since production first started at Bjorkdal in 1988, the mine has produced over 1,060,000 ounces of gold, Robert Wasylyshyn, president of Gold-Ore, said in a statement.
Furthermore, in addition to the reserves there are significant measured and indicated resources outside of the current mine plan. Management is confident that with continued development, these resources will be converted into reserves, thereby extending the mine life further.