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Omai Gold Mines Up Near 10%, Posts 52 Week High, As Lifts Indicated Mineral Resources With Expansion of Wenot and Gilt Deposits

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Omai Gold Mines (OMG.V) was at last look up near 10% and had posted fresh 52 week highs Tuesday after announcing an updated mineral resource estimate (MRE) on its Omai Gold Property in Guyana, including expansions to both the Wenot Deposit and Gilt Deposit.

According to a statement, the Wenot indicated MRE increased 49.8% to 1.453 million of gold with an average grade of 1.59 grams per tonne (g/t) gold. The Wenot inferred MRE increased 7.6% to 3.99 million ounces grading 1.35 g/t gold.

The adjacent Gilt deposit also saw an overall increase in ounces over the previous MRE, Omai said. Gilt's inferred MRE increased 120% to 1.456 million ounces averaging 3.22 g/t gold, while the indicated MRE fell by 9.5% to 1.04 million ounces averaging 3.33 g/t gold (in 9.7 Mt).

A 50,000 meter drill program has begun with five drills turning. Omai's next major catalyst is the preliminary economic assessment (PEA), which is expected to be completed in two to three months. "We are continuing to aggressively drill to increase the Mineral Resources and to upgrade the Inferred Resources, as we set our sights on a future Prefeasibility or Feasibility Study. Drilling is now focused on the Wenot deposit and on certain nearby targets," said chief executive Elaine Ellingham.

Omai Gold shares were last seen up $0.20, to $2.32 on the TSX Venture Exchange, having touched $2.39.

Price: $2.31, Change: $+0.19, Percent Change: +8.96%

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