J Resources Records Six-fold Increase in Gold Reserves

Gold mining activities managed by J Resources in Bolaang Mongondouw Regency, North Sulawesi. ANTARA/HO-PSAB“We continue to maintain our position on the ratio of resources and reserves to production levels. With existing resources and reserves, it is estimated that we can operate for more than the next 15 years.”Jakarta (ANTARA) - National gold mining company, PT J Resources Asia Pasifik Tbk (PSAB) recorded a significant increase in gold reserves by six times, in line with the company's active exploration activities over the past 10 years.Closing the end of 2023, PSAB managed to record gold reserves of nearly 3 million ounces, up six times compared to 2011 which amounted to only 0.5 million ounces.

"We continue to maintain the position of the ratio of resources and reserves to production levels. With existing resources and reserves, it is estimated that we can operate for more than 15 years in the future," PSAB President Director Edi Permadi said in Jakarta on Monday.Edi said gold resource growth has doubled, from 3 million ounces of gold to 6 million ounces during the same period. This has made history for PSAB to be one of the few gold mining companies in the country that continues to actively explore.

"Currently, J Resources' gold production comes from the Bakan Mine, Penjom Mine and in the future will be added from the Doup Mine," added Edi Permadi.The annual Reserve Replacement Ratio, or the addition of reserves compared to reserves produced, also grows consistently every year. Since 2011, the total gold reserves that have been mined amounted to 2.4 million ounces while gold production in the same period amounted to 1.9 million ounces or 58 tons of gold. This is also evidence of the company's commitment to sustainable mining.

Currently, exploration activities are focused on two mines, namely the Bakan Mine managed by PT J Resources Bolaang Mongondow (PT JRBM) and the Doup Mine managed by PT Arafura Surya Alam (ASA). Both mines are located in North Sulawesi Province.

In the first quarter of 2024, exploration activities at the Bakan Mine will focus on surface geological mapping in several areas, including West Tapagale. Meanwhile, a drilling program will be conducted at West Tapagale and Main Ridge to obtain additional resources.The Tapagale pit at the Bakan Mine has a thick gold body with a relatively high grade of almost 1 gram of gold per ton of ore. This year the Tapagale pit is ready to make a positive contribution to the company's operational performance.

Meanwhile at the Doup Mine, exploration activities in the first quarter of this year will begin with advanced geometallurgical studies, re-logging and re-interpretation activities to update geological maps, alteration and mineralization maps and resource model blocks. This activity aims to improve the accuracy of the data to ensure the achievement of mining and gold production targets at the Doup Mine as planned.