Wilton expects Ciemas gold production to start next year

By Romel S. Gurky

SGX-listed Wilton Resources Corporation Limited said Wednesday it remains focused on the commencement of gold production at the Ciemas Gold Project in West Java, with mining of ore to be processed in a pilot plant expected to commence in the first quarter of 2017 (during the period from 1 July 2016 to 30 September 2016) from which first production is expected in 2QFY17 (during the period from 1 October 2016 to 31December 2016).

The company said in a statement that the Ciemas Gold Project boasts high grades, large and openresources, and low projected costs which de-risk the opportunity .

"The Group believes that the higher gold price further enhances the viability of the Ciemas Gold Project," the statement said.

Since the beginning of 2016, the gold price has strengthened significantly from approximately US$1,080 to approximately $1,290/oz,representing an increase of almost 20 percent over the last four months.

Wilton holds the mining and production licences for two concession blocks, known as the Ciemas gold project, covering an area of approximately 3,078.5 hectares in West Java, out of which only an area of 200 hectares has been explored.

The most recent Independent Qualified Person?s Report (IQPR) of Wilton?s assets dated June 2015 contains an estimate of total mineral resources for the Ciemas gold project of 4.6 million tons containing approximately 39,000 kg of gold. Total production costs (C3) for the Ciemas gold project have been estimated as part of a scoping study of between $600-$700 per ounce of gold.

Editing by Reiner Simanjuntak