News and Announcements
First Ore Sales Payment from 100% Owned Teal Gold Mine
- Published May 15, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Intermin Resources Limited (ASX: IRC) is pleased to announce receipt of the firstcash payment from Paddington Gold Pty Ltd for ore delivered from Intermin’s 100% owned Teal Gold Mine, located 11km north west of Kalgoorlie-Boulder in Western Australia.
KEY TAKEAWAYS:
- First haulage, sampling and processing of ore from TealGoldMine completed successfully
- Initial batch comprised 9,700t at an average mine predicted grade of 2.7g/t Au
- Initial payment of $0.5M received under the terms of the Ore Sale Agreement
- Second and third ore batches delivered with payments expected in May
- Ore mining continues and remedial work on the western wall slip completed
- Grade control drilling completed in the southern half of the pit for modelling ahead of ore mining scheduled for June
- Continuous ore delivery expected at 10 – 15,000 tonnes per week until completion in August
- Maximum cash drawdown reached with Teal Stage One now cash positive
Commenting on the first ore sales milestone, Intermin’s Managing Director, Mr Jon Price said:
“The Intermin team and our alliance partners, RM Contracting, are to be congratulated for their efforts that have culminated in the first ore delivery, goldproduction and cash flow from Teal.
“Intermin now enters an exciting period of continuous cash generation that will fund our aggressive exploration program and progress our growing production pipeline across projects at Goongarrie Lady, Teal and Anthill.”
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