Kingsrose reports higher gold, silver production at Talang Santo
Friday, January 29 2016 - 03:53 AM WIB
ASX-listed Kingsrose Mining Ltd said that gold production at its Talang Santo mine in South Sumatra rose by 55 percent in the fourth quarter ending December of last year to 6,212 oz compared to 4,010 oz in the previous September quarter.
The company said in a statement that silver production was up 43 percent to 14,188 oz from 9,815 oz.
A record 21,341 ore tons were mined for the quarter, it added.
All-in sustaining costs averaged US$963/oz for the quarter?a record quarterly low for the Talang Santo Mine?and reduced steadily over the period to just $798/oz in the month of December, the company said.
Significant increase in mine development rates for the period, it added.
Meanwhile, the company continues to see significant potential for organic growth supported by the early success of the current exploration program in identifying targets within the prospective Way Linggo Project area, South Sumatra. Exploration activities for the quarter included surface drilling at Talang Toha and Mitra Jaya and follow up test pitting on the soil anomalies at Talang Toha, Mitra Jaya, Sindang Jaya and Way Handa.
A total of 2,036 meters of surface diamond drilling across Mitra Jaya and Talang Toha were completed during the period with key geological information being obtained.
Results from Mitra Jaya suggest that there is potentially a much deeper and larger mineralised target which warrants follow up work.
Editing by Reiner Simanjuntak