Shares in Ramelius Resources Limited (ASX:RMS) lost almost a quarter of their value yesterday, one day after releasing its March quarter activities report.
The gold miner says production at its flagship Wattle Dam project in Western Australia improved during the quarter but that “grades were extremely erratic”.
Ramelius also stated it is probable the grade variation will continue for the remaining production life.
The company is currently progressing a number of projects to replace Wattle Dam production from mid next year.
Shares in Ramelius Resources plunged 24.68 per cent on Tuesday, closing as the session’s worst performer at $0.58.
Ramelius Resources reported a net profit of $16 million in the first half of the 2012 financial year.
