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Evolution sells first ore at Mt Carlton

4th June 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The shareholders of ASX-listed gold miner Evolution Mining have smiled on news that the company had generated its first revenue at the Mt Carlton gold/silver/copper project, in North Queensland.

The miner said in a statement that it had shipped the first 520 t of silver concentrate from the Mt Carlton mine on May 15, bound for China. A second shipment of 1 530 t of silver concentrate left port on May 29.

Concentrate from the A39 deposit was being sold under a life-of-mine offtake agreement with Shandong Humon Smelting, and payment for each shipment was made in two tranches. The first payment of 90% of the shipment value was received ten working days after the presentation of shipping documents.

The final payment was received after a quotational period, which is the second month after the month of shipment.

Evolution noted that production was currently continuing from the A39 deposit, and would switch to the gold-rich V2 deposit during the September quarter of this year.

Meanwhile, ramping-up of the Mt Carlton processing plant was progressing well, and Evolution said that full plant capacity was expected to be achieved by the September quarter of this year.

The plant would have a throughput capacity of some 800 000 t/y and would run for an estimated 12 years.

Evolution's shares were trading at a high of 90c a share on Tuesday.

Edited by Creamer Media Reporter

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