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Millennium Minerals Ltd, Quarterly Activities Report December 2013

-  Gold production for the December quarter was 14,067 ounces. This was down on forecast primarily due to permitting delays (that affected haulage capacity and hence treatment of the planned higher grade Golden Gate ore) and lower grades from Golden Eagle. Throughput tonnage was also down 8% on the previous quarter due to increased water demand prior to the commissioning of the Eastern bore field and volumes of harder ore from the Golden Eagle fresh ore zone.
-  Full year gold production of 63,247 ounces was just below the revised guidance of 64,000 ounces.
-  Gold sales revenue for the quarter was $20.7 million, generated from 13,240 ounces sold at an average price received of $1,564/oz, benefitting from the Company’s hedging at $1,590/oz and an average spot price received of $1,368/oz.
-  For the quarter, C1 unit cash costs were $1,069/oz, higher than budget of $675/oz and “all in sustaining cash cost” for the quarter was $1,271/oz (includes site cash costs, royalties, corporate expenses and site sustaining capital), against a budget of $789/oz. Both metrics were unfavourable to budget due to the production issues mentioned above and higher mining costs associated with greater material movement.
-  C1 unit cash costs were $888/oz poured for calendar year 2013; gross operating margin was $689/oz poured, generating a mine level EBITDA of $28.7 million for the year (unaudited and accordingly may be subject to impairment or other adjustments). The sustaining cash cost for the year was $1,049/oz.
-  A further 2 parcels of higher grade Golden Gate oxide ore are expected to be mined and milled in the March 2014 quarter amounting to approximately 90,000 tonnes ore.
-  Production guidance for the March 2014 quarter is between 16,000 ounces and 18,000 ounces. Production guidance for the full 2014 year will be provided in February 2014 when the updated life of mine plan has been completed.
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