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Saracen breaks production records

8th October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Saracen Mineral Holdings has reported record production during the three months to September, delivering 41 241 oz of gold.

This was compared with the previous record of 36 430 oz produced in the June quarter.

The miner said on Tuesday that the record production from the Carosue Dam operations was also about 4 000 oz more than internal estimations for the September quarter.

The increased production was as a result of a 195% overcall in the head grade of the Karari openpit mine, and a 176% overcall in the head grade of the Red October mine, with the majority of the ounces at Red October coming from development ore, rather than stoping.

The significant overcall was the result of the conservative topcuts that have been applied to the ore reserve, the miner said.

Record gold sales were also achieved during the three months under review, with Saracen selling 43 096 oz to raise revenue of A$66-million at an average gold price of A$1 531/oz.

Edited by Creamer Media Reporter

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