THE BOURSE WHISPERER: Silver Lake Resources has reached a production milestone with the first 250,000 ounces of gold bullion having been produced from the company’s Mount Monger operations.
Ore mined at the Mount Monger operations is processed at the company’s Lakewood gold processing facility, located five kilometres south east of Kalgoorlie in Western Australia.
Lakewood facility deputy mill manager Neil Dellar holding the gold bar
containing the 250,000th ounce. Source: Company announcement
The 250,000 ounce milestone has been achieved by Silver Lake processing 1.3 million ore tonnes at a blended grade of 6.4 grams per tonne gold from multiple underground and open pit feed sources at an average (blended) metallurgical recovery of 93.5 per cent.
“This is a significant milestone for our company 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 250,000 ounces of gold, grown the resource base to 1.7 million ounces and we are producing from four underground mines and one open pit mine with an expected mine life of 10 years.
“Furthermore we have expanded our Lakewood gold processing facility from 300,000 tonnes per annum to 900,000 tonnes per annum since acquiring the facility in November 2007.”
The company has decided to commemorate its production milestone in response to expressions of interest received from its shareholders.
This will take the form of commissioning the Perth Mint to make a combination of 2.5oz, 5oz and 10oz gold bars for shareholders to purchase.
The gold bars will contain the company logo on one side and an authenticity stamp from the Perth Mint on the other.