G-Resources targets 250,000 ounces of gold this year
Saturday, March 2 2013 - 01:20 AM WIB
Hong Kong-listed G Resources Group Limited recently stated it targeted to produce up to 250,000 ounces of gold and 2,200,000 ounces of silver at a cash cost of USD450 per ounce of gold this year, stating that production from the Martabe mine throughout the month of January and February this year reached over 42,000 ounces of gold and over 146,000 ounces of silver.
The company achieved first gold pour in July 2012 and commercial production in September 2012.
"Martabe has a great ore body, good grade, low mining cost, simple processing, and an experienced and capable management team. We intend to expand the Group?s resources and reserves through near mine exploration at Martabe and to continue to develop a sulphide resource programme at Martabe. The Group has defined exploration targets such as Golf Mike, Gambir-Kapur, Tango Papa and Pahae prospects for future discoveries on its Contract of Work," the company stated in a statement made available at the exchange.
Editing by Er Audy Zandri