Delivering organic growth by developing our reserves and resources is one of the target of our strategy.

Nordgold’s strong balance sheet and consistent free cash flow generation, enables us to continue investing in our globally diversified asset base across four continents and six countries, as well as in our exciting pipeline of low-cost development projects, despite the weaker price environment.

In 2015, Nordgold invested US$31.0 million in exploration and evaluation and additional US$6.9 million in exploration at the Montagne d’Or earn-in project and US$7.3 million at the Pistol Bay project in Canada. We report Exploration and Mineral Resources and Ore Reserves update for the period ended 31 December 2015 in accordance with the 2012 JORC code. Our investments delivered significant successes:

  • On top of the 1.1 Moz replenishment of mined out ore, there has also been an 8% or 1 Moz increase in our Ore Reserves to 14.0 Moz of gold since 31 December 2014 due to the success of our 2015 exploration programmes.
  • Significant Ore Reserves additions at Bissa, Lefa, Zun-Holba, Neryungri and Suzdal mines. Partial replenishment of mined out Ore Reserves took place at Berezitovy, Irokinda and Taparko mines. Maiden underground Ore Reserves of 107 koz of gold at 5.4 g/t were added to the Berezitovy mine total.
  • Measured and Indicated Gold Resources increased by 1% or 252 thousand ounces (“koz”) to 22.0 Moz despite depletion of 1.1 Moz.
  • Largest increase in Mineral Resources from Burkina Faso (up 7% or 514 koz to 8.1 Moz of gold) due to successful exploration and resource definition at the satellite deposits and near existing pits of the Bissa and Taparko mines. Substantial increase in Mineral Resources at Buryatzoloto’s Irokinda mine, as well as at Neryungri and Aprelkovo.
  • Initial resources of 177 koz for two new satellite deposits - Kangarse and Goengo – were added to the Taparko mine total. Mineral Resources of 299 koz of new Yimiougou and Noungou deposits located near the Bissa mine were added to the Company total.
  • Total Mineral Resources decreased by 477 koz or 2% to 28.5 Moz (2014: 29.0 Moz) mainly due to a decrease of Mineral Resources at the Lefa and Berezitovy mines related to re-designed pit shells defined by a lower gold price (US$1,500/oz, which represents a decrease of US$100/oz compared to 2014).
  • A large-scale revaluation of Mineral Resources of Montagne d’Or gold deposit in French Guiana was made, which were largely converted from Inferred to Indicated. Montagne d'Or hosts 2.92 Moz of Indicated gold resources at 2.15 g/t and 0.88 Moz of Inferred gold resources at 2.11 g/t . Montagne d’Or Mineral Resources will not be included in Nordgold’s total until the option to earn-in 55.01% is executed, which must occur by no later than March 2017.
  • Maiden Inferred Resources of 739 koz of gold at 2.95 g/t were estimated for the Pistol Bay deposit as at 31 March 2016. Nordgold holds a 51.5% stake in Northquest Ltd. (owner of the Pistol Bay project) and the attributable part of the project Mineral Resources will be included in Nordgold’s 2016 total.

Proven and Probable Reserves
(‘000 ounces)

31 December 2015 31 December 2014 Change
Burkina Faso 3,887 3,570 9%
Guinea 3,003 2,600 15%
Russia 6,355 6,098 4%
Kazakhstan 763 700 9%
Total 14,007 12,968 8%

Mineral Resources
(‘000 ounces)

31 DECEMBER 2015 31 DECEMBER 2014 Change
Burkina Faso 8,137 7,623 7%
Guinea 4,794 5,528 (13%)
Russia 13,804 14,057 (2%)
Kazakhstan 1,782 1,786 0%
Total 28,518 28,994 (2%)

2016 key exploration and development priorities

  • Nordgold will continue to focus on near mine and satellite deposit exploration at operating mines with the aim of replacing mined out Ore Reserves annually.
  • We will continue to advance our exciting growth pipeline. The company will benefit in the near-medium term from three well defined low-cost growth projects – Bouly, Gross and Montagne d’Or - that require only modest development capex.
  • While our strategy of organic growth remains our primary focus, our strong cashflow generation and balance sheet enables us to carefully review new opportunities to acquire premium-quality reserves and resources at competitive valuations to further enhance our reserve base.


Olga Ulyeva

Head of Media Relations
tel.+7 495 644 44 73 #707 6632


tel.+7 495 644 44 73


tel.+7 495 644 4473 #707 6746