|
Integra Mining Limited reported that open pit Ore Reserve estimations have been completed for existing and new gold deposits, including a preliminary Ore Reserve estimate for the recent Majestic discovery.
This Ore Reserves upgrade comes less than 1 year after the first gold pour at the Randalls Gold Project. The proportionally large Ore Reserves upgrade and the meaningful extension of mine life is consistent with Integra’s long stated strategy of establishing a robust operation based upon an initial modest yet highly profitable Ore Reserve, and then progressively adding to Ore Reserves using cashflow from operations. Integra is targeting 100,000 ounces per year production from an upgraded processing facility at Salt Creek with the upgrade expected to be completed next month. A further increase to 120,000 ounces per year of steady state production – spiking at 140,000 ounces per year – is expected when high-grade underground production is established to compliment these open pit Ore Reserves. Integra’s Managing Director Chris Cairns said: “This Ore Reserve upgrade provides a very solid foundation for further growth and continues Integra’s track record of delivering on its promises. While the highly profitable 6 year mine life on open pit Ore Reserves alone is very robust, the real value driver will be the outcome of trial underground mining at the high-grade Cock-eyed Bob gold deposit later this year. If successful, this would catalyse the progressive development of the high-grade Cock-eyed Bob, Santa and Maxwells gold deposits as underground operations capable of materially increasing annual gold production from the Randalls Gold Project and extending mine life to ten years.” More information, click here. |
