Apex moves ahead with project sales
PERTH (miningweekly.com) – ASX-listed Apex Minerals has extended the due diligence period on its Wiluna gold mine by 60 days, reporting that the mine’s performance during April and May had improved substantially.
The Wiluna project was on track to produce some 4 000 oz of gold during May, compared with the 7 436 oz produced during the entire March quarter.
Apex said that the enhanced production was as a result of a focus on the reduction of mine dilution, access to higher-grade stopes, and an increase in production from the free-milling high-grade Golden Age Reef.
Metallurgical recoveries have also improved compared with the March quarter, as a result of the improved operating performance and higher grades.
Apex said that the improved production rates would likely continue for the next two to three months, generating positive cash flow of some A$1-million a month, at the current gold prices.
During this period, future production plans would also be revised, based on the lower gold price environment.
Meanwhile, Apex announced that it had also finalised the sale of its Youanmi gold project to Oz Youanmi Gold for A$5-million in cash. The consideration would be paid over several installments, with the first A$300 000 expected upon signing of the final sale and purchase agreement.
The final sales agreement was reached following a period of due diligence.
Apex told shareholders that given the recent market for gold, as well as the poor recognition of Youanmi’s value in Apex’s share price, the company remained of the view that the sales agreement represented a beneficial realization in value for shareholders.
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