May 3, 2011 / 12:22 PM / in 7 years

UPDATE 1-Yukon-Nevada Gold ups mine resource estimate by 30 pct

May 3 (Reuters) - North American miner Yukon-Nevada Gold Corp raised the measured and indicated resource estimate by 30 percent at its Jerritt Canyon gold mine in the United States.

The company, which also has properties in Yukon and British Columbia in Canada, raised the measured and indicated resource estimate at the mine in Nevada to 2.5 million ounces of gold, from the estimates in 2007.

The new measured resources is 1.08 million ounces, while the new indicated resources is 1.46 million ounces. The inferred resource is 0.89 million ounces.

“In light of the new modeling techniques and increased gold price, re-evaluation of the open pit potential is compelling, and these areas will be targeted in the upcoming drilling program,” Chief Operating Officer Robert Baldock said in a statement.

Smith Underground mine is the active mine at the property, producing about 1,000 ore tons per day and the company plans to invest $12 million in further exploration there.

Shares of the gold miner closed at 53 Canadian cents on Monday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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