La Mancha Resources (TSX: T.LMA, Stock Forum), after Monday’s closing bell, reported that its consolidated Measured and Indicated gold equivalent resources increased by 140% to 4,811,600 ounces. As well, its consolidated Proven & Probable gold reserves surged 52% to 929,150 ounces.
"We are very proud of this new reserve and resource statement as it summarizes the effort made over the past few years to create significant value for our shareholders. Having quadrupled our resource base to nearly five million ounces of gold equivalent since 2007, it is exciting to see that this appears to only be the beginning, as we are just starting to scratch the potential at our Hassai property, where nine more VMS targets remain to be explored," said Dominique Delorme, President and CEO of La Mancha.
Canadian-based La Mancha is an international gold producer with operations in Africa, Australia and Argentina. On March 14, 2012, its majority shareholder, Compagnie Francaise de Mines et Metaux, a wholly-owned subsidiairy of AREVA Mines, said it would sell its stake in La Mancha through an auction process.
La Mancha shares have gained more 26% so far in 2012 to its recent price of $3.46.