Ann: Milestone First Gold Pour - Penny's Find, page-20

Empire Resources has poured first gold from its Penny’s Find venture, with the first bar produced at the Lakewood toll milling facility.
Further Penny’s Find gold pours are expected later this week from Lakewood, as well as from the Burbanks toll million facility near Coolgardie where Empire is also sending ore.
Penny’s Find has open pit reserves of 146,000 tonnes grading 4.62 grams per tonne for 21,700oz.
The project has been previously forecast to generate free cashflow of A$7.6 million in less than 12 months based on a gold price of $1500 per ounce.
Meanwhile Excelsior Gold has seen the last gold poured at Lakewood from its Zoroastrian open pit north of Kalgoorlie, with the company finishing up being debt free and having $7 million in the bank.
The venture started problematically for Excelsior’s previous management, with the company at one stage looking in serious jeopardy after gold expected in resource estimates failed to materialise.
Excelsior is now aggressively exploring as it seeks further ounces for a standalone development, though should drilling be less than successful over the next 12 months or so, it may again look to head down the toll treatment route.
Shares in Excelsior were unchanged at 5.6c in afternoon trade, capitalising the company at about $45 million.
Meanwhile investors marked shares in new producer Empire up 13% to 2.6c, capitalising the junior gold miner at $12.5 million.