Red 5 hits revised targets
PERTH (miningweekly.com) – Junior gold miner Red 5 has reached its revised production targets during the three months ending March, with some 12 929 oz of gold recovered.
Red 5 in early March lowered its quarterly production expectations following operational issues at its Darlot mill, in Western Australia.
The company lowered its production expectations to between 12 000 oz and 15 000 oz, from an initial guidance of between 16 000 oz and 19 000 oz, on the back of issues relating to the gear and clutch on Mill 1 at the Darlot mill.
Gold sales during the March quarter reached 12 639 oz, compared with the 16 150 oz sold in the previous quarter.
“After making a strong start as a West Australian gold producer last quarter, the March quarter marked the beginning of an important transitional period for the business as we started to implement our broader growth plan in the Eastern Goldfields,” said Red 5 MD Mark Williams on Monday.
“The start of underground mining at the King of the Hills mine is the first step in this broader strategy, and we expect to see a growing contribution from this mine towards our overall production profile in the coming months.
“This has necessitated the investment to restart operations, mine development and exploration to set the business up for the future,” Williams added.
Gold recovery in the June quarter is expected to reach between 18 000 oz and 23 000 oz, while full-year production has remained unchanged at between 85 000 oz to 95 000 oz.
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