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  Improved tanzanite resource to extend life at TanzaniteOne mine by 30 years


March 9, 2012


Richland Resources has reported a resource upgrade for its tanzanite mine in the Arusha region of Tanzania, which the company says will extend the life of the project by 30 years.

According to Richland Resources, the total inferred and indicated resource now stands at 105 million carats, which is 33 million carats more than originally believed.

The estimate is based on a review of around 5,075 meters of drilling along with mine production between 2001 and the middle of last year. Between the previous resource estimate in 2004 and 2011, the mine generated more than 11.5 million carats from around 266,000 tons at an average grade of 43 carats per ton.

Commenting, Richland's CEO Bernard Olivier described "significant, positive" developments for the firm as it looked to begin ramping up production over the next five years. TanzaniteOne plans to raise production to 2.7 million carats per annum.

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