THE BOURSE WHISPERER: Havilah Resources (ASX: HAV) is feeling rather pleased with itself following the completion of the first gold sales from the company’s Portia gold mine.
Havilah notched-up approximately $266,000 after settlement costs, from the sale of approximately 165 ounces of gold (approximately 5kg).
The company explained the cash represented its 50 per cent share of the gold revenue under the revenue sharing agreement it has with Consolidated Mining and its mining partner, Civil.
Since the first shipment it has dispatched additional gold shipments to the refiner and anticipates payments will be received in due course.
“This is the first mining income received by Havilah and is the most significant financial milestone achieved in our history,” Havilah Resources managing director Dr Chris Giles said in the company’s announcement to the Australian Securities Exchange.
“We have now succeeded in executing the entire process from exploration through mining, processing and sale of gold, which is a great tribute to the persistence and dedication of our staff over many years.”