Mining starts at Penny's Find
PERTH (miningweekly.com) – Mining is well under way at the Penny’s Find gold project, in Western Australia, with owner Empire Resources saying that the mining contractor has now mobilised its equipment and is operating according to schedule.
Mining infrastructure, including the fuel facility, is in place to allow for a rapid ramp-up to full production.
The Penny’s Find project is expected to generate about A$7.6-million free cash flow in less than a year, based on a probable ore reserve of 146 000 t, at 4.62 g/t gold.
Ore from the single openpit mine will be transported to the Lakewood Mill, owned by Golden Mile Milling, where it will be toll treated. A December toll treatment agreement allowed for between 15 000 t and 20 000 t of ore to be treated during each treatment campaign at the Lakewood Mill.
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