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Aurvista Gold shares up on updated resource at Douay gold project

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Aurvista Gold Corp. (CVE:AVA) saw its shares rise Tuesday after increasing its mineral resource estimate for the Douay Gold project in Quebec.

The updated estimate, completed by Riverbend Geological Services, includes an 87 per cent increase in global indicated resources to 238,433 ounces of gold using a cut-off grade of 0.3 grams per tonne (g/t) gold, versus a 4 g/t gold cut off used in the prior resource report from March 2011.

This increase is mainly in the Douay West deposit, the company said, which was previously evaluated primarily as an underground deposit, but was considered in the latest estimate using a surface model.

The updated report also saw a 50 per cent increase in global inferred resources to 2.75 million ounces of gold, using a cut off of 0.3 g/t gold.

Inferred resources in the Porphyry Zone more than doubled to 2.36 million ounces using a 0.3 g/t gold cut off, compared to 0.7 g/t gold in the prior estimate.

"We are very pleased to have been able to achieve our initial target and a major milestone of two million seven hundred and fifty thousand inferred ounces and two hundred and thirty thousand indicated ounces," said president and CEO, Rick Adams.

"The Corporation has also completed a revised NI 43-101 Resource Estimate in a timely manner incorporating all of our drilling to date.

"The significant increase in resources generated at cut-off grades consistent with other projects in the region are indicative of what we consider to be the outstanding potential for an economic bulk tonnage deposit with the potential to add additional ounces along this substantial mineralized system."

The updated estimate includes all drilling completed to the end of March, and comprises results from 657 holes drilled on the project since its discovery.

"We believe the Douay Project now represents one of the largest undeveloped gold deposits in Quebec," Adams concluded.

Riverbend generated a three dimensional block model of the Douay mineral resource, which Aurvista intends to use to plan future drilling programs for the asset. Internal gaps in drilling were seen in the model as having potential to add resources, the company said.

Share of the gold explorer gained 2.4 per cent to 21.5 cents on the TSX Venture Exchange.

Quick facts: Aurvista Gold Corp

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TSX-V:AVA
Market: TSX-V
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