Unaffected Don`t get caught with u pants down , the big hole is comin ,can u feel it ..JMO Moe4u 1 | Fri Sep 21, 2012 9:03pm IST
(Reuters) - St Andrew Goldfields Ltd revised down its estimates for inferred resources at two mines in the Timmins mining district due to a mathematical error, but said the measured and indicated resources at the projects were unaffected.
Shares of the company, which operates the Holt and Holloway mines in northeastern Ontario, fell as much as 23 percent to 41 Canadian cents on the Toronto Stock Exchange on Friday, making them one of the top percentage losers on the exchange.
The company indicated a 74 percent overstatement in the inferred resources for its flagship Holt mine and a 9 percent overstatement for Holloway.
St Andrew Goldfields said the revised inferred resources at Holt was 229,000 ounces as at the year ended Dec. 31, 2011.
The revised number for Holloway, which began commercial operations in the fourth quarter of 2009, is now 452,000 ounces for the same period, down from 496,000 ounces.
Inferred resource is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence.
The company said in August it was on track to meet its production forecast of 90,000 to 100,000 ounces of gold for the year