News and Announcements
Matsa Resources Limited completes mining at Red Dog gold project with ‘outstanding’ results
- Published January 11, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Mining at the Red Dog Gold project has been successfully completed with an unaudited operating profit of $5.5M achieved.
- The mining operation was a huge success and new opportunities for further mines have been identified within the Lake Carey gold project.
Matsa Resources Limited is pleased to announce the completion of the highly successful mining operations at the Red Dog gold project.
The mining has delivered an outstanding result, generating production of 12,704 ounces and an operating profit of $5.5 million – which exceeds the target set down in the Company’s Red Dog Mine Study of July 2018.
Sale proceeds from the ore delivered in December are to be remitted by AGAA to Matsa by the week ending 11th January 2019.
Executive Chairman, Paul Poli said: “I am delighted that mining at the Red Dog gold project produced
a result that met expectations, producing an operating profit of $5.5M despite highly unusual and unexpected weather delays.
By working closely with our contractors and continuing our good relationship with AngloGold Ashanti Australia, our team at Matsa achieved this excellent outcome.”
About Matsa Resources Limited
Matsa is an ASX listed explorer/developer who has become a gold producer following the acquisition and development of the Fortitude gold mine. Fortitude forms part of the Lake Carey gold project south of Laverton. Matsa has a pipeline of quality projects within Australia and central Thailand. Matsa has recently acquired the Red October Gold mine near Lake Carey which boosts the mining potential within the area.
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