Newcrest reports N. Maluku gold output, exploration
Thursday, April 22 2010 - 01:44 AM WIB
Gosowong, Indonesia
Gosowong?s March quarter performance was 112,883 ounces of gold at a net cash cost of A$282 per ounce. This compares with the December quarter performance of 91,288 ounces of gold at a net cash cost of A$329 per ounce.
Gold production increased 24% as mining reached the higher grade ore zones and the recent increases in mill throughput and gold recoveries were maintained. Production is expected to increase further in the June quarter as mining continues in the higher grade zones.
Mining continued in both the K1 and K2 orebodies during the quarter. Mine production was in line with the previous quarter and development continued in the K1 Link and K2 orebodies.
Quarterly unit cash costs declined 14% reflecting the higher gold production during the quarter.
PROJECT DEVELOPMENT
The Gosowong Expansion Project remains on schedule with construction expected to be completed during the June quarter 2010. All major mechanical equipment has been delivered to site and installation activities are progressing as planned.
Mine development continued during the quarter with the K2 ventilation shaft completed ahead of schedule.
EXPLORATION
Gosowong (82.5%)
At Gosowong, definition drilling continued at Toguraci North along the Damar and Yahut high grade mineralised structures. 62 holes were completed during the quarter expanding the size of the Damar and Yahut shoots and indicating continuity of the extremely high grade within these shoots.
Significant intercepts included:
? TNDO54: 9.9m (3.0m)2 @ 60g/t Au from 206m
? TNDO57R: 3.9m (1.4m)2 @ 59g/t Au from 217m
? TNDO58: 5.0m (3,4m)2 @ 98g/t Au from 31 7m
? TNDO71: 4.2m (1.7m)2 @ 113g/t Au from 114m
? TNDO67: 7.7m (6.8m)2 @ 90g/t Au from 232m, and 1.6m (0.6m)2 @ 49g/t Au from 175m
? TNDO44: 1.8m (1.8m)2 @ 19g/t Au from 340m
Drilling is ongoing and initial resource estimates for Damar and Yahut are scheduled for completion in the June quarter 2010.(end of excerpt)