Paulsens delivers cost savings for Northern Star
PERTH (miningweekly.com) – Junior gold-mining company Northern Star Resources has lowered its cash operating costs for the three months ending September by 16%, while head grade was up 12.5% on the previous quarter.
The gold miner on Wednesday announced that cash costs for the quarter was down to A$671/oz, from the A$795/oz reported in the three months to June.
Gold mined from the Western Australian Paulsens project remained flat at 28 269 oz during the quarter, compared with the 28 681 oz delivered in the previous three months. However, Northern Star reported that grades at Paulsens were up by 12.5%.
The miner recovered some 26 009 oz during the quarter.
The company remained on track to produce between 100 000 oz and 115 000 oz of gold during the full 2014.
MD Bill Beament said on Wednesday that the results for the September quarter highlighted the company’s credentials as a gold miner with a strong reliable production, low costs and strong cash flow.
“This performance is consistent with our objective of ensuring that Northern Star is one of the most desirable ASX-listed gold stocks for institutions. We continue to deliver robust margins, strong dividend yields and growth through exploration – all within the backyard of Western Australia.”
During the quarter under review, Northern Star continued its underground diamond drilling at Paulsens, and announced an updated mineral resource of 2.9-million tonnes, at 5.7 g/t for 532 000 oz. Some 91% of the current resource was classified as measured and indicated.
This resource upgrade has reinforced Northern Star’s five-year mine plan at Paulsens.
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