PERTH (miningweekly.com) – Junior gold producer Intermin Resources has generated its first revenue from the Teal gold mine, in Western Australia.
The company on Wednesday reported first haulage, sampling and processing of ore from the Teal mine, comprising some 9 700 t at an average grade of 2.7 g/t gold, generating an initial payment of A$500 000 under an existing ore sales agreement.
Second and third ore batches will be delivered shortly, and payments are expected in May.
Intermin MD Jon Price told shareholders that the first ore sale was a major milestone for the company.
“Intermin now enters an exciting period of continuous cash generation that will fund our aggressive exploration programme and progress our growing production pipeline across projects at Goongarrie Lady, Teal and Anthill.”
Ore production at Teal started in March this year.
Some 171 500 t of ore, grading 3.2 g/t gold, will be mined over the nine-month mine life, with production expected to reach 15 567 oz.