Kingston Resources boosts cash and continues to grow at Mineral Hill
Melbourne, Victoria
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August 16, 2023 02:30 PM Eastern Daylight Time
Kingston Resources Ltd (ASX:KSN) managing director Andrew Corbett tells Andrew Scott in Proactive’s Australian studio that the company has taken total recent capital raising proceeds to $6.5 million after completing a strongly supported share purchase plan for $1 million. The $6.5 million when added to the company’s cash in hand of $11.54 million at the end of May 2023 means Kingston is well funded to progress its growth plans centred on the Mineral Hill polymetallic project in central New South Wales.
The funds come as the company gears up for a new growth phase on unveiling an updated Life of Mine (LOM) plan for Mineral Hill. This forecasts production to the middle of 2027, with a total output of 123,000 ounces of gold equivalent payable while the company will also transition from gold and silver ore production to add gold, copper, lead and zinc concentrates by the end of 2024.
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