Highlights
Mineral Hill Mine, NSW
PRODUCTION:
Record quarterly operating performance:
Best quarter yet for mill and mine performance – primary ore sourced from Red Terror Cu-Au lodes
- Copper (Cu) production up 29% on last quarter:
Record 1,114 tonnes (t) of Cu in concentrate produced
- Gold (Au) production up 79% on last quarter:
Record 652 ounces (oz) of Au in concentrate produced
- Cu recoveries significantly improved:
Average of 91.5% for the March quarter, compared to average of 75% for FY12
Sales:
Seven shipments of 6,442 dry metric tonnes (DMT) of Cu concentrates
EXPLORATION:
Red Terror lodes – Cu-Au:
- Drilling at Red Terror uncovered a number of new, significant high-grade Cu-Au intersections. Drilling continues to expand the dimensions of the underground mineralised envelope with increasing Au grades
- 4m @ 1.1% Cu and 12.8g/t Au (12.8% Cu equivalent1) in hole KUPH076
- 1m @ 1.2% Cu and 117g/t Au (55.8% Cu equivalent1) in hole HUPH077
Sorby Hills Silver-Lead (Ag-Pb) Project, WA
Public comment period for the Public Environmental Review closed on 10 April 2013.
Corporate
- $6.84 million cash in bank
- $10 million debt facility secured. Proceeds will be used to fund capital and operating initiatives at the Mineral Hill Mine
- Repayment of the principal and interest of a $3 million bridge loan established in December 2012
- Implementation of corporate and site cost reductions.
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