Silver Lake Resources celebrates 500,000 ounces

THE BOURSE WHISPERER: Silver Lake Resources (ASX: SLR) may not have enjoyed the best of years share price-wise, but the company has been able to celebrate production of 500,000 ounces of gold bullion since its maiden gold pour in April 2008.

The company said the milestone has been achieved by processing 4.4 million ore tonnes at a blended grade of 3.8 grams per tonne gold from multiple underground and open pit feed sources at an average (blended) metallurgical recovery of 94 per cent.

The gold produced has come from the company’s three processing facilities: Mount Monger/Lakewood producing 80 per cent, Randalls 13 per cent and from the Murchison 7 per cent.


Silver Lake Resources project locations. Source: Company announcement


“This is a significant milestone for Silver Lake and our shareholders,” Silver Lake Resources managing director Les Davis said in the company’s announcement to the Australian Securities Exchange.

“When we purchased the Mount Monger project in November 2007 it was on care and maintenance with a resource base of 235,000 ounces of gold and limited mine life.

“In December 2007, we commenced production from a single ore source at Daisy Milano.

“We have now poured our first 500,000 ounces of gold, grown the resource base to 6.4 million ounces inclusive of 1.7 million ounces of reserve and have three mining operations and three operating processing facilities with total milling capacity of greater than three million tonnes of ore per annum.

“We have had a solid start to FY14 producing 96,400 ounces year to date.”