News: Minera Gold receives initial substantial shareholder notice

Minera Gold (ASX:MIZ) has received a notice of initial substantial shareholding from Rex Seager Harbour and his associates with a 5.96% interest in the company.

Seager and Harbour Foundation acquired more than 57 million shares in the company for $200,000 under a placement in December 2014 and another 40 million shares for $120,000 in on-market trade this year.

This increased his total holding to 165,165,265 shares.

Minera Gold is ramping up gold production from its low cost San Santiago copper-gold mill in southern Peru.

All in sustaining cash costs for gold during the December quarter 2014 were US$882 per ounce despite low production.

Copper floatation operations continue with 100% toll treatment of third party ore sourced from concessions controlled by the company.

Minera treated more than 11,200 tonnes of copper sulphide ore for third parties during the December quarter and marketed the premium concentrate for some of those parties. EBITDA for the quarter was US$242,000.