KINGSROSE MINING LIMITED Quarterly Report for the Period Ended...

KINGSROSE MINING LIMITED
Quarterly Report for the Period Ended 30 September 2017
Page 1
Kingsrose marks successful quarter with end of administration, increased production, lower costs and appointment of new Board and management team
OPERATIONAL HIGHLIGHTS •
Total production for the September 2017 quarter of 8,792 ounces – a 74% increase on the June 2017 quarter
• Cash costs at Way Linggo Project of US$488/oz with all-in sustaining costs of US$717/oz – a 47% decrease on the June 2017 quarter
• Way Linggo open pit continued to deliver high-grade, low cost gold and silver
• Potential to expand the current open pit at the Way Linggo Mine beyond currently planned cutback
• Subsequent to end of the quarter, operations at the Talang Santo Mine were suspended due to the unsustainable high cost of mining and continued operational challenges
• Study underway on establishing an open pit to access substantial high-grade ore remaining in upper levels at Talang Santo
• Scoping study underway to re-engineer the underground mine at Talang Santo
CORPORATE
• Successful completion of the Deed of Company Arrangement (DOCA) with control of the Company’s affairs reverting to the Directors on 31 July 2017
• Strengthened balance sheet resulting from completion of debt to equity conversion following shareholder approval
• Appointment of highly experienced mining engineer Paul Jago as Chief Executive Officer
• Appointment of three new Non-Executive Directors, completing the restructure of the Board of Directors • Cash and bullion balance as at 30 September 2017 of A$12.3M (June 2017: A$8.8M)