PERTH (miningweekly.com) – ASX-listed Silver Lakes Resources has produced 42 258 oz of gold during the three months to June, which was down from the record 46 780 oz delivered in the previous quarter.
The Daisy underground complex produced 17 585 oz during the June quarter, with Cock-eyed Bob adding 5 975 oz and Maxwells a further 8 861 oz. Production from openpit mining added 4 281 oz during the quarter.
For the 2018 financial year, gold production reached 157 936 oz, which was a 16% increase on the 2017 production.
Silver Lakes on Friday reported that 151 250 oz of gold was sold during the full 12 months, ahead of guidance, and at an average price of A$1 684/oz. Cash and bullion increased to A$18.3-million during the quarter ended June, to A$105.7-million, which included A$7.6-million in bullion awaiting settlement.
In 2019, Silver Lakes is expecting to sell between 140 000 oz and 150 000 oz of gold, with all-in sustaining costs expected to be between A$1 350/oz and A$1 390/oz for the full year.
The miner has set aside a A$12-million exploration budget for 2019, and will pursue numerous high value targets proximal to its existing infrastructure, with at least two-thirds of the total exploration budget allocated to direct in-ground drilling programmes.