November 11, 2011 / 3:39 PM / in 6 years

Aura Minerals falls on disappointing gold reserves estimates

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Nov 11 (Reuters) - Shares in Aura Minerals Inc slipped as much as 13 percent on Friday, a day after the company said gold reserves at its Brazilian mines were lower than it had previously estimated.

The gold explorer said its Sao Vicente mine showed measured and indicated reserve of around 6 million tonnes, compared with its earlier estimate of 14.9 million tonnes.

The mine’s proven and probable reserve was 2.9 million tonnes, lower than the 11.3 million tonnes it reported earlier.

Sao Francisco mine’s probable reserves are now estimated at around 11 million tonnes, down from its earlier estimate of 13.7 million tonnes.

British Columbia-based company’s shares were trading down 9 percent at C$1.46 on Friday on the Toronto Stock Exchange. They earlier touched a low of C$1.40. The wider TSX index was up 1.34 percent. (Reporting by Aftab Ahmed in Bangalore; Editing by Viraj Nair)

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