Gold miner Silver Lake Resources has made a solid start to the new financial year, bringing two new open pit mines into production at its Mt Monger operations, 50km south-east of Kalgoorlie-Boulder.
Mt Monger generated $10.4 million cash during the September quarter, down from $13.8 million the previous quarter, as mining began at the Lucky Bay and Santa Area open pits in late August.
Production from both pits totalled 39,597 tonnes at 4g/t for 5099 ounces, but is scheduled to significantly increase in the December quarter as the mines reach full production.
They are expected to have a combined mine life of 14 months, producing an estimated 50,000oz.
Silver Lake’s main operational focus is the Daisy Milano underground complex, which produced 18,703oz in the September quarter.
The Cock-eyed Bob underground mine also produced 3314oz.
Silver Lake is forecasting production between 125,000 and 135,000oz this financial year.
The company had cash, bullion and investments worth $36.4 million at the end of the September quarter.