Business
Australian Gold Production Update
Australian Gold Production Update.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5096D Keras Resources PLC 07 July 2016 \n\n Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n7 July 2016\nKeras Resources plc ('Keras' or 'the Company')\nGold Production Update\n \nKeras Resources Ltd, the Australian gold mining company, is pleased to announce that it has completed mining at the Anomaly 22 and Accord projects, located in the Grants Patch Gold Tribute lease area ('Grants Patch'). The Company is now moving the mining fleet to the nearby higher-grade Wycheproof project, which is located 20km north-east of Grants Patch. \n \nHighlights\n \n· Open pit mining will commence shortly at the higher grade Wycheproof project; and\n· Permitting at the Prince of Wales ('PoW') and Lindsay's projects are currently on schedule and within budget, which should allow for works to commence in Q3 2016.\n \nKeras Managing Director Mr. Dave Reeves said, \"The completion of mining at Anomaly 22 and Accord is a significant milestone in our mining history. In addition to cash flow generated, the open pit operations have also allowed us to fine tune the logistics associated with tribute mining and toll processing ahead of moving into the higher-grade Wycheproof, deposit located close to Grants Patch. This experience coupled with the appreciation in the gold price bodes well for the future of the Company. A more detailed quarterly production report on the gold operations will be issued once all costs and production estimates are reconciled. \n \n\"Permitting and pre-development work at the PoW and Lindsay's project is ongoing in order to enable us to commence work in Q3 2016, which should allow us to hit our steady state production target of 30,000 ounces of gold (Au) per year by mid-2017.\"\n \nAt the high grade PoW underground mine, the Company will adopt a staged approach with initial mining occurring under a bulk sample permit to check on the grade and geometry of the mineralisation. To facilitate this, the following permits are required:\n \n· The Infrastructure Programme of Works: this has been approved which allows the Company to move the required personnel on-site to commence construction of the mine offices, roads and associated infrastructure.\n·&n...