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Xi'an, Shaanxi, China, 2011/01/10 - It indicates upgrades for the measured, indicated and inferred gold and silver metal contents of at least 35%.
Golden Label Nakaji Corporation, the emerging gold & rare earth producer, is pleased to announce the initial results of Phase I of the Realistic Mineral Resources Model Report.
With the benefit of information and data derived from the GLN Corporation’s successful exploitation of the Baiheshan gold mine in Xinjiang, together with additional drilling information gathered, the Report reassesses the data employed in accordance with the Ministry of Land and Resources of the People’s Republic of China. It indicates upgrades for the measured, indicated and inferred gold and silver metal contents of at least 35%.
The mineral resources were estimated by accessing, reviewing, validating and processing the whole geological and chemical information from 130 exploration diamond and reverse circulation (26 diamonds, 44 reverse circulation and 60 combined) drill holes and 247 production blast holes.
It should be noted that the Report represents the first phase of the complete work; the second phase of the project will involve in-fill drilling to increase the reliability of the results obtained from the original drill holes. This work is expected to be completed in early 2011 and will increase the confidence of the Golden Label Nakaji Board in the new resource evaluations. The results of the Report are therefore subject to revision.
Mr. Chen Da Wei, a director of GLN Corporation, has reviewed and approved the information contained in this press release as a qualified person.
GLN Corporations’s CEO Ichiro Nakaji said, "These upgraded numbers are very good news for GLN and increase our confidence in the rising value of the Baiheshan mine. The plant is now running well and with the Report providing initial indications of a significantly larger resource, we are increasingly confident of achieving our objective of becoming a top-tier gold production company in Xinjiang."
About Golden Label Nakaji
GLN Corporation (glncorp.com) was established in November 2002 as a private company registered in Xi’an, People’s Republic of China. We are an integrated large-scale enterprise with exploration, mining, processing and smelting operations focusing on the gold production business. Our primary products include standard Au9999 and Au9995 gold bullion.