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K92 Mining Announces Strong Q1 Production Results at Kainantu Gold Mine – Record Throughput of 1219 tpd in March
Strong quarterly production in the first quarter of 28,188 oz of gold equivalent (“AuEq”)(1) or 24,152 oz gold, 1,524,827 lbs copper and 28,142 oz silver, an in
About this update from K92 Mining, Inc.
[{"type":"text","content":" Strong quarterly production in the first quarter of 28,188 oz of gold equivalent (“AuEq”)(1) or 24,152 oz gold, 1,524,827 lbs copper and 28,142 oz silver, an increase of 49% from Q1 2021. Q1 sales of 29,798 oz AuEq(1) or 26,471 oz gold, 1,247,967 lbs copper and 24,899 oz silver. Record monthly mill throughput achieved in March of 1,219 tonnes per day (“tpd”), 11% above the Stage 2 Expansion target of 1,100 tpd, and 45% of days (14 days) exceeding 1,300 tpd. Q1 plant throughput of 99,611 tonnes processed, a 36% increase from Q1 2021, at metallurgical recoveries of 90.9% for gold and 91.1% for copper. Significant advance of the twin incline in Q1, 15% above budget, with incline #2 (6m x 6m) advanced to 1,101 metres and #3 (5m x 5m) advanced to 1,063 metres as of March 31, 2022. In the past three quarters, development exceeded budget by 10%. Note (1): Gold equivalent for Q1 2022 is based on the London Metal Exchange quarterly spot average price: gold $1,879 per ounce; silver $24 per ounce; and copper $4.53 per pound. VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) announces production results for the first quarter (“Q1”) of 2022 at its Kainantu Gold Mine in Papua New Guinea, of 28,188 oz AuEq or 24,152 oz gold, 1,524,827 lbs copper and 28,142 oz silver. Sales during the first quarter were 29,728 oz AuEq or 26,471 oz gold, 1,247,967 lbs copper and 24,899 oz silver. During the first quarter, Kainantu delivered its second consecutive quarter at Stage 2 Expansion run-rate throughput, processing 99,611 tonnes. Mine performance was also strong, exceeding mill throughput, with 100,124 tonnes of total mill feed mined. Importantly, in March, the mill delivered a monthly average throughput record of 1,219 tpd, significantly exceeding the Stage 2 Expansion target of 1,100 tpd. Mill throughput exceeded 1,300 tpd for 45% of the days (14 days) during the month of March, continuing to demonstrate much higher throughput rates than the Stage 2 Expansion design. The strong performance bodes well for the Stage 2A Expansion to expand plant designed throughput another 25%, to 500,000 tpa or 1,370 tpd, at an estimated growth capital cost of US$2.5 million. The expansion was approved in October 2021 (see October 7, 2021 press release: K92 Mining Announces Stage 2A Expansio...