Sandstorm Gold Ltd (SAND)

[Tommy]

$SAND - Sandstorm Gold Announces Increase to Aurizona's Proven and Probable Mineral Reserve to 2.36 Million Ounces

http://finance.yahoo.com/news/sandstorm-gold-announces-increase-aurizonas-120000780.html

... "VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 9, 2013) - Sandstorm Gold Ltd. ("Sandstorm") (SSL.TO)(NYSE MKT:SAND) is pleased to announce that Luna Gold Corp. ("Luna") (LGC.TO) has completed an update to its Proven and Probable Mineral Reserve estimate at its Aurizona Gold Mine in Brazil ("Aurizona").

Highlights

Piaba deposit Proven and Probable Mineral Reserve of 2.36 million ounces of gold ("April 2013 Reserve") including 56 million tonnes of ore with life of mine average 1.32 grams of gold per tonne ("g/t")
New reserve represents 222% increase in Proven and Probable Mineral Reserves when compared to the Piaba July 2010 Reserve statement
Piaba deposit reserves are contained within Aurizona property which also contains Measured and Indicated Mineral Resources of 3.63 million ounces of gold with an Inferred Mineral Resource of 1 million ounces of gold (as announced on March 14, 2013)
The Piaba deposit remains open along strike and at depth. In addition, the brownfields exploration potential at Aurizona is significant as demonstrated by the emerging Boa Esperança, Ferradura, Conceição and Tatajuba deposits
Based on the April 2013 Reserve and the anticipated completion of Phase I Expansion nameplate processing capacity of 10,000 tonnes per day, Piaba's expected mine life has been extended to 2027 (approximately 15 years). Completion of the Phase I expansion is expected in the fourth quarter of 2013
As a result of an increase of Piaba's Proven and Probable Mineral Reserves average gold grade combined with the Phase I expansion, the Aurizona average life of mine gold production is now estimated between 125,000 and 140,000 ounces per annum

Sandstorm President and CEO Nolan Watson remarked, "The management team at Luna has done a great job of continuing to expand Aurizona. Today's impressive reserve increase and the continued exploration success point to potential future growth."" ...