6 July 2007resource reserve update▲ GoodMajor
On July 2, 2007 Apollo released a new Canadian-standard (NI 43-101) estimate for Black Fox near Timmins, prepared by SRK Consulting: 4.47 million tonnes of probable reserves at 7.0 g/t, or 1,002,000 ounces of gold, based on a gold price of US$525 per ounce. There are also indicated and inferred resources beyond the reserves. The filing says Black Fox reports no reserves under the US SEC standard because a bankable feasibility study has not been completed. This is a reserve estimate, not a funding or construction decision, so Black Fox development funding remains an open thread.