News and Announcements
Intermin Resources Ore Production Commences from Teal Gold Mine
- Published March 20, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Intermin Resources Limited (ASX: IRC) is pleased to announce first gold production from the Teal Gold Mine located 11km north west of Kalgoorlie-Boulder in Western Australia.
KEY TAKEAWAYS:
- Pre-strip complete and ore mining commenced in northern section of the Teal open pit.
- Positive grade control drilling results and modelling completed in the northern half of the pit confirms Resource model estimates.
- Haulage of first ore parcel to Paddington mill to commence shortly with first gold sales expected in April.
- Teal Stage 1 produces 15,567 recovered ounces grading 3.2g/t Au over nine-month mine life and generates $8.6m cash for Intermin in 2017.
Commenting on the ore production milestone Intermin’s Managing Director, Mr Jon Price said:
“First gold production at Teal is a significant milestone for the Company and opens up a new mining centre in the Western Australian goldfields given the significant exploration success to date.
“Despite recent heavy rainfall slowing the mining schedule, it is extremely pleasing to see Teal now performing well with tonnages and grades in the north of the pit matching our expectations. We now look forward to continuous production that will generate cash to grow the business through selffunded exploration and development of our mining pipeline.”
Intermin is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia’s richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine development and further acquisitions. The Teal Stage 1 gold mine is now in production.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources through infill, extensional and grass roots exploration and complete Feasibility Studies on core projects to build a sustainable production profile.
Intermin is targeting the definition of significant high grade open cut and underground gold deposits, has acquired highly prospective tenure and will continue to actively pursue consolidation and value-adding joint venture opportunities for the benefit of all stakeholders.
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