Aussie junior gold miner Northern Star Resources Ltd
(ASX:NST) says bumper gold production in September has enabled the company to post record production of 30,602 ounces for the September quarter at its Paulsens Gold Mine in WA.
The company says the result means its Paulsens mine has exceeded all budget forecasts for the quarter, including key benchmarks for gold mined, poured and sold.
Northern Star says Paulsens pleasing performance also translated into a strong financial result for the company, with revenue of $40.5 million generated during the quarter.
This is $5.5 million more than budgeted by the miner at the time it agreed to buy Paulsens from Intrepid Mines and has enabled the company to rapidly accelerate repayment of both Intrepid and the debt provided by RMB Resources Australia.
Northern Star says it now owes a total of just $15 million on the $40 million acquisition. Northern Star Resources posted a loss of $1.28 million for the 12 months to June 30, 2010.
