Auric Mining expects $8-10 million from gold sales by end of November
Melbourne, Victoria
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October 19, 2023 03:40 PM Eastern Daylight Time
Auric Mining Ltd (ASX:AWJ) MD Mark English tells Proactive the company has produced more than 7,700 ounces of gold during stage one toll milling from Jeffreys Find Gold Mine near Norseman in WA, generating gross revenue of $16,612,642 from the sale of 5,667 ounces. Auric expects total stage one production of 9,500 ounces and toll milling is on track to meet this target. The company expects to receive the first cash from these sales in the week commencing October 23, 2023.
English said: “It looks as though the first stage mining of Jeffreys Find will produce more than 9,500 ounces.
"At this point of the campaign it’s running through the mill at almost 1.97 grams per tonne, but we have 15,000 tonnes of lower-grade ore at the end which will pull the average grade down slightly.
“Overall, it’s a tremendous result for Auric. I don’t know of any other junior miners in the last couple of years that have gone from tenement acquisition to mining and free cash in the timeframe we have.
“To date the stage one pit has delivered everything we predicted for the joint parties. Gross revenue from mining Jeffreys Find should exceed $28 million when it’s completed and produce more than $8 million in surplus cash.
"We expect first cash proceeds to Auric next week.”
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