Kingsrose reports increased gold output in Q2
Tuesday, July 24 2012 - 02:44 AM WIB
Australia-listed Kingsrose Mining Ltd reported that its subsidiary of Lampung-based gold miner Way Linggo produced 8,763 oz of gold and 100,427 oz of silver in the second quarter ended June 30 with operating cost of US$258 per gold ounce.
Kingsrose which controlled 85 percent share in PT Natarang Mining Way operating Way Linggo gold project, has a production of 7,609 oz gold and 85,169 oz of silver in the third first months this year.
The company in the quarterly report submitted to the Australia Stock Exchange said that about 90 percent of ore was sourced from stoping with the remainder sourced from sub-level development.
It said that old stope backfilling activities continued but at a less intensive rate, adding that the use of stope fill support for oxidized zones was assisting in remnant mining and pillar recovery, especially in the wider zones of the high-grade and intensely clay-altered rock.
?The rail underlay drive below the 3 level continued with development in ore. This new 4 level will enable production from deeper parts of the mine,? it said.
Kingsrose? shareholders approved the acquisition of 85% of the advanced Way Linggo high grade, underground gold/silver mining project, located in Lampung Province , Southern Sumatra.
Editing by Adianto P. Simamora