BRMS — A 4.2 mn ounces of gold in the River Reef mine site

BRMS — A 4.2 mn ounces of gold in the River Reef mine site Bumi Resources Minerals (BRMS) announced a significant increase in gold grades and content at its Poboya mine, following extensive drilling at the River Reef and Hill Reef sites. The average gold grade at the River Reef site is 4.9 g/t, with a total of 4.2 mn ounces of gold. Most of this gold (89%) is expected to be mined using underground methods. The Hill Reef site also revealed an additional 329,000 ounces of gold. Furthermore, BRMS has partnered with Macmahon Indonesia to advance mining operations and monetize these resources. (Source : Company) Comment : We view this news positively, as the 43% resource addition at the Poboya mine potentially enhance production levels in the future.