Way Linggo Produces 27.056 Ounce of Gold

Resources Headlines

Tuesday, 20 September 2011 11:10

Written by Hatman Bintang

Way Linggo Mine

Theindonesiatoday.com - ASX-listed Kingsrose Mining Ltd reports the production of Way Linggo Mine, South Sumatera for the year ended June 2011 totalled 27,056 ounce of gold and 318,869 ounce of silver at an operating cost of US$142 per ounce of gold after silver credits.

Kingsrose closed the year with cash and gold inventory of A$28 million, with EBITDA of US$32 million for the full year and a profit after tax of $12.2 million.

“Rising gold prices and commensurately strong silver prices continue to set a scene where our benchmark operating costs after silver credits make our current operating surplus the vast majority of the gold price,” Managing Director Chris Start commented.

Total ore mined for the year was 61,068 tons at 13g/t of gold and 162g/t of silver. JORC Resource Statement as of 31 June 2011 now has total measured resource of 244,490 ounces of gold, and total indicated & inferred resource of 57,304 ounces of gold.

On the exploration progress, diamond drilling has commenced with an objective of first pass fence drilling in the areas immediately north of the plant and infrastructure. The company has prioritized its three favoured exploration targets and intends to aggressively explore these areas in the ensuing year, namely Talang Cluster, North Vein Mine, and Semung Kecil.

The Managing Director claimed the company is on track in achieving steady state production from the project of 45,000 ounces of gold and 500,000 ounces of silver and grow the overall potential resource base through a comprehensive drilling program already underway to increase the mine life potential.

“In the 2011/12 year the company is confident it can continue the track record of exploration success in 2010/11 demonstrated by significant new discoveries such as Talang Santo,” Mr. Start added.

Kingsrose shares started the day by flat opening, and as of 10.30AM JAKARTA-time the number had declined 0.75% at A$1.315 per share. The number has lost 33.2% from its peak at late April 2011. (bintang@theindonesiatoday.com)

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Theindonesiatoday.com - Following the good news on Greek plan on debt issues and positive sentiment on regional market, most of Asian coal stocks stood higher in the opening. Domestically, the stocks stood mostly flat.

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