Mines open

Kalgoorlie Miner - - NEWS -

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.