PERTH (miningweekly.com) – ASX-listed Orminex has reported first gold production from its Comet Vale project, in Western Australia.
The gold pour was done following the first toll treatment campaign at the Burbanks Mill of 202 oz of gold.
“The first gold pour is a significant milestone for Orminex. It has been less than four months since we listed and we’ve already commenced mining and have now poured our first gold,” said executive chairperson Daryl Henthorn.
“It demonstrates how our mineral ventures model can unlock value in the gold sector with its access to capital and mining service. This is a scaleable and repeatable model, and I’m looking forward to the next stage of growth for Orminex.”
Orminex, then known as Mintails, in January this year signed an agreement with contract miner GBF Mining to create the mineral ventures model, under which GBF is granted the right to manage underground mining operations, but will also fund the working capital required for the mining operations, with its costs plus a margin of capital contribution to be recovered from gold sales revenue.