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Vantage Goldfields reports record output from S Africa mines

Vantage Goldfields reports record output from S Africa mines

Photo by Duane Daws

28th January 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior gold miner Vantage Goldfields has announced record gold production for the three months ended December, with production up 19% on the previous quarter.

During the quarter under review, Vantage produced 9 226 oz of gold at a cash cost of A$966/oz, which was down 12% on the previous quarter.

The miner said on Tuesday that the successful implementation of a new mine plan, grade management procedures and stoping controls at its Lily mine, in South Africa, were reflected in the quarter’s results, with the operation producing 7 732 oz of gold.

The Taylors mine, also in South Africa, produced 1 495 oz of gold during the quarter under review, as the amount of tonnes milled continued to decrease. However, this was offset by declining grades, owing to the scheduled mining of lower-grade ore reserves and the extraction of broken ore accumulations in old stoping areas.

Meanwhile, Vantage told shareholders that it was in the process of sourcing additional funding to strengthen its balance sheet and to fund the expansion of both its operations.

The funds would be used to increase production by 40%, from the current estimate of 35 000 oz/y to 50 000 oz/y.

Edited by Creamer Media Reporter

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