News and Announcements
Intermin Strong Cashflow Being Generated at the Teal Gold Mine
- Published June 14, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Intermin Resources Limited (ASX: IRC) is pleased to provide an operational update from Intermin’s 100% owned Teal Gold Mine, located 11km north west of Kalgoorlie-Boulder in Western Australia.
KEY TAKEAWAYS:
- Mining, haulage and processing of ore from Teal Gold Mine continues
- First tranche payments of $3M received under the terms of the Ore Sales Agreement1
- Ore delivered to date totals 51,000t at an average grade of 3.0g/t Au – representing approximately one third of the Teal Stage 1 mining inventory
- Average gold price received to date of A$1,686 per ounce
- Intermin maintains production guidance of 15,000 – 16,000 ounces
- Additional costs incurred on wall slip remediation, drill and blast and water management have resulted in a higher estimated All In Cost (AIC) of A$1,030 – A$1,090 per ounce
- Ore mining commenced in the southern half of the pit with results from the grade control model in line with Resource model estimates
- Independent geotechnical investigation on the wall slips complete with recommendations put in place and continuous monitoring ongoing for the remaining mine life
Commenting on progress at Teal, Intermin’s Managing Director, Mr Jon Price said:
“We are now seeing consistent cash flow from Teal as we complete the northern section and begin ore mining in the south of the pit. It is extremely pleasing to see the grade of the ore tracking well against the Resource model in both sections of the mine.
“In a healthy gold price environment, the team are focussed on the safe and efficient completion of Teal Stage 1 with cash proceeds to fund an aggressive exploration program, completion of the Goongarrie Lady Feasibility Study and the pursuit of further acquisitions.”
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