Business
Quarterly Update To 31 March 2019
Quarterly Update To 31 March 2019.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 8406W Metals Exploration PLC 24 April 2019 \n\nMETALS EXPLORATION PLC\n \nQUARTERLY UPDATE TO 31 MARCH 2019\n \nMetals Exploration plc (AIM: MTL) (\"Metals Exploration\", the \"Company\" or the \"Group\"), the natural resources exploration and development company with assets in the Pacific Rim region, today provides a quarterly update on matters relating to the operations of its Runruno gold project (\"Runruno\" or the \"Project\") in the Philippines.\n \nMining Operations\n· Mining for the quarter of 2.93Mt with total ore mined of 573Kt.\n· 14,892 oz of gold poured during the quarter. \n· Key maintenance programmes have yet to commence due to working capital constraints, however, orders have been placed to begin mobile equipment rebuilds in Q2 2019.\n· Average mine gold grade was 1.54 grams/tonne against a budget of 1.70 grams/tonne, reflecting the historical dilution rate of approximately 25% against a scheduled dilution of 15%. \n \nProcessing Operations\n· Overall plant availability and gold recoveries remain a critical issue, with both measures well below the original feasibility studies.\n· Gold recoveries averaged 66% in Q1, against the feasibility forecast of 90%. As a result total poured ounces of gold were below budget at 14,892.\n· In addition to low gold recoveries highlighted above, maintenance issues were the key influence on production throughputs with more than two weeks lost due to ruptures in the tailings pipeline and low water availability.\n· The gravity circuit has been recalibrated with 37% gold recoveries being achieved during the quarter.\n· BIOX operated at 65% of design capacity during the quarter. \n· Oxidation rates are still below design for the quarter, at 78%.\n \nFinance and corporate\n· 15,293 ounces of gold were sold during the quarter at an average realised gold price of US$1,309 per ounce.\n· Discussions with the Group's lenders are ongoing to restructure the Group's overall...