Fresnillo announces record re

RNS Number : 7003N

Fresnillo PLC

23 February 2009

 



                                                                                                                                                Fresnillo Plc

                                                                                                                                                28 Grosvenor Street

                                                                                                                                                London W1K 4QR

                                                                                                                                                United Kingdom

                                                                                                            www.fresnilloplc.com

23 February 2009

Fresnillo plc announces record reserves and resources 

for the year ended 31 December 2008 

Fresnillo plc, the world's largest primary silver producer and Mexico's second largest gold producer, is pleased to announce that reserves and resources substantially increased in both silver and gold mines in 2008.

Total reserves and resources for Fresnillo's mines and exploration projections for the year ended 31 December 2008, as audited by SRK, is as follows:

Total Reserves (Proven and Probable) Consolidated Statement for the year ended 31 December 2008
	Quantity (Mt)		Silver (Moz)		Gold (Moz)
2007	99.2		408.6		3.7
2008	125.4		410.0		4.1
Difference	+26.4%		+0.3%		+10.8%

Total Resources (Measured and Indicated and Inferred) Consolidated Statement for the year ended 31 December 2008
	Quantity (Mt)		Silver (Moz)		Gold (Moz)
2007	291.1		836.9		9.5
2008	389.4		1,115.9		12.0
Difference	+33.8%		+33.3%		+26.3%

For further information please visit www.fresnilloplc.com or contact:

Fresnillo plc

London Office

Octavio Alvidrez, Head of Investor Relations            Tel: [phone]

Mexico City Office

Gabriela Mayor                                                            Tel: [phone]

Brunswick                                                                  Tel: [phone]

Patrick Handley

Carole Cable

About Fresnillo plc

Fresnillo Plc is the world's largest primary silver producer and Mexico's second largest gold producer, listed on the London Stock Exchange under the symbol FRES.  

Fresnillo has three producing mines, all of them in Mexico - Fresnillo, Ciénega and Herradura; two advanced development projects - Fresnillo II, Soledad & Dipolos; and three exploration prospects - San Juan, San Julian, Orysivo, as well as a number of other long term exploration prospects and, in total, has mining concessions covering approximately 1.7 million hectares in Mexico.

Fresnillo has a strong and long tradition of mining, a proven track record of mining development and reserves replacement, and a low cost of production, being in the lowest quartile of the cost curve for both silver and gold.

Fresnillo intends to maintain its position as the world's largest primary silver producer with the aim of approximately doubling production, on a silver equivalent ounce basis by 2018.

 

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