Business
Quarterly Report
Quarterly Report.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4669F Keras Resources PLC 28 July 2016 \n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n28 July 2016\nKeras Resources plc ('Keras' or 'the Company')\nQuarterly Report for the period end 30 June 2016\n \nKeras Resources plc, the Australian gold mining company, is pleased to provide an update on the Company's activities for the quarter ended 30 June 2016. The grade being reported on is provisional until final confirmation is received from the Paddington Mill owned by Paddington Gold Pty Ltd, a subsidiary of Norton Gold Fields ('Norton').\n \nOverview:\n· Operations commenced in March 2016 with first ore milled in April 2016\n· First quarter provisional production from the small scale open pits at Anomaly 22 and Accord: \no 63,346 tonnes mined and toll processed at a provisional grade of 1.36 g/t Au for a total of 2,763 ounces Au\no Total operating cost per ounce (ex-Tribute) of A$1,407/oz and total operating cost (Tribute incl.) of A$1,736/oz with an average gold price received for the quarter of A$1,687/oz\no Lower than expected productivity in the small pits resulted in higher operating costs\n· Re-evaluation of mining protocols and operating procedures, including increasing excavator and trucking capacity, optimising grade control drilling and re-negotiating contracts to significantly reduce costs and increase margins \n· Mining has been completed at these two deposits and the Company is now mobilising the new mining fleet to start the next stage of development by mining at the higher grade Wycheproof project\n· Wycheproof expected to benefit significantly from the optimisation procedures implemented as well as being a profit share rather than a royalty payment - positive cash flow anticipated\n· Detailed plans and costing with contractors for higher margin and longer life undergrounds well advanced \n· Underground Prince of Wales Bulk Sample approval received \n· At the end of the quarter the Company had a cash balance of £0.75 million\n \nKeras Managing Director Dave Reeves said, \"Based on the first quarter pr...