Photo by: Bloomberg
PERTH (miningweekly.com) – Tasmania-focused gold miner Unity Mining has delivered its fourth consecutive quarter of strong results, with its Henty mine producing 15 829 oz of gold.
Gold production during the three months to March well outstripped the 11 370 oz of gold produced during the December quarter. The mine was expected to cease production at the end of 2015.
Unity MD and CEO Andrew McIlwain said on Wednesday that stopes mined from the Read zone and Darwin South deposits yielded higher than forecast grades, with an average milled head grade of 8.3 g/t gold.
“Importantly, the quarterly production of 15 829 oz has come at a time of buoyant Australian dollar gold prices and resulted in a substantial increase in cash at back, which now stands at A$26.8-million, including the proceeds of gold sold that was transit at the end of the quarter.”
McIlwain noted that with the Henty mine delivering strong operational results, paired with tight cost control and improved prices, Unity had also substantially grown its cash positions.
Meanwhile, he noted that while ore grades and production rates were anticipated to moderate over the remainder of the mine plan, the Henty team would continue to focus on the profitable recovery of the known mining inventory.