LONDON (ShareCast) - (Sharecast News) - Nativo Resources significantly upgraded its internal gold resource estimate for the Tesoro Gold Concession in Peru on Thursday, with contained gold now estimated at 213,000 ounces - up from 73,000 ounces previously.
Of that, around 51,000 ounces were attributed to the Bonanza and Morrocota mines.

The AIM-traded firm's update followed a geological and engineering review conducted by Inveritas Global Holdings in June.

It cautioned that the new estimates were internal, and were not compliant with recognised reporting codes such as JORC.

They were intended only to illustrate potential project scale and were not to be relied upon for economic forecasting.

Further fieldwork and modelling was now planned to support the development of formal mine plans for both Bonanza and Morrocota, which were expected to enable production restart at Tesoro and initial output at Morrocota around two months after completion, subject to the study's outcome and securing a contract mining partner.

To support its expansion in Peru, Nativo said it had appointed Jorge Pinedo as operations director.

A Peruvian national with international experience in production and operations, Pinedo would oversee local activities.

The company also planned to appoint a vice-president of tailings to help grow its tailings deposit inventory, with the feasibility study contract for the Toma La Mano tailings project to be finalised once the new VP is in place.

Separately, Nativo updated the market on its bond restructuring proposals.

A noteholder meeting held on 30 June failed to reach the required quorum of 25% of outstanding notes, with only 21% of voting instructions received.

The meeting was adjourned to 30 July, and would be held at the offices of Peterhouse Capital in London.

Nativo confirmed that votes already lodged remained valid, and urged remaining noteholders to engage with their custodians to ensure participation.

A circular would be distributed shortly and made available on Nativo's website and through relevant clearing systems.

Reporting by Josh White for Sharecast.com.

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