Acquisition of Mineral Hill mine in NSW delivers immediate gold production, cash-flow, and outstanding gold and copper exploration upside in a Tier-1 mining district
Mineral Hill Mine, NSW
-- Kingston entered into a binding agreement to acquire the Mineral Hill Mine from US-based Quintana MH Holding Co LLC for up to A$22.7M (US$17.0M) in cash and shares (see ASX announcement 18 November 2021), with the acquisition completed on 17 January 2022.
-- Gold tailings on site are currently being processed, delivering immediate gold production for Kingston with forecast gold production of 40,000oz at AISC of A$1,550-1650/oz over 29 months1. Mineral Hill is anticipated to deliver positive cash-flow in the near term.
-- Reserves of 71,163oz Au and a Resource base of 469,217oz Au Equivalent underpins Kingston’s intent to establish initial mine production following conclusion of the tailings project.
-- Drill rigs are anticipated on site in February to commence an extensive exploration program with multiple targets located within the Mining Licence hosting historic high-grade drilling results to be followed up.
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