Paulsens joins the million-ounce club
PERTH (miningweekly.com) – Gold miner Northern Star Resources has increased the reserve at its Paulsens project, in Western Australia, by some 81%, while resources at the project increased by 38%, making Paulsens one of the few one-million-ounce single-deposit operations.
The project’s reserves had been upgraded to some 204 000 oz, while the resource estimate stood at some 555 0000 oz, after 50 250 oz of mining depletion.
Northern Star noted on Monday that during the past two-and-a-half years, the miner had delivered a 485% increase in the resource at Paulsens, from 129 000 oz to 555 000 oz.
MD Bill Beament noted that the latest increase in reserve and resources at Paulsens meant that the company now met the full set of criteria required of modern-day gold miners.
“Northern Star just declared a 1c interim dividend, following the 2.5c final dividend of late last year, putting us on a 4% fully franked yield. Paulsens is generating substantial surplus cash with total costs of A$850/oz to A$950/z, and it now has a mine life of five years with every prospect of further increases in the future.”
Beament said that Northern Star’s plans to establish a second 100 000 oz/y operation at Ashburton were also evolving rapidly, with significant exploration potential on the 200 km stretch which divided the two projects.
“This demonstrates we have dividend yield, strong cash flow, ample mine life, low costs, production growth and significant exploration upside,” he added.
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