Dec quarter processed 11,880 tonnes at 1.5 g/t au for 678 ounces of gold. Sales of $684,000 / Production costs $613,000 / Profit of $71,000 and quarterly loss of $920,000
March quarter processed 11,960 tonnes at 2.0 g/t au for 759 ounces of gold.
Sales of $1,094,000 / Production costs $537,000 / Profit of $557,000 and quarterly loss of $387,000.
Dec to March quarter gold production increased from 678 ounces to 759 ounces, grade increased from 1.5 g/t to 2.0 g/t AND cash burn (loss) decreased from $920,000 to $387,000.
June quarter will start processing ore from Pearl Croydon open pit, high grade underground ore and remnants of tailings at approximately double the current rate. The Company is indicating a 100% increase in production costs that should see a very significant increase in tonnage throughput and significant jump in number of ounces produced. The June quarter should be a profitable quarter.
ORS Price at posting:
4.9¢ Sentiment: LT Buy Disclosure: Not Held
