Silver Lake’s quarterly output affected by heavy rain
PERTH (miningweekly.com) – Gold miner Silver Lake Resources has reported lower gold production for the three months to March as its Mount Monger and Murchison operations were affected by heavy rainfall.
During the quarter under review, ASX-listed Silver Lake produced 44 574 oz of gold, compared with the 55 079 oz produced in the previous quarter, resulting from lower ore mined during the period.
During the quarter, 706 178 t of ore was milled, at a grade of 2.3 g/t gold to deliver 49 289 oz of gold. This was also less than the 61 152 oz produced in the previous quarter.
Silver Lake placed the Murchison operation on care and maintenance in February, as the fall in the gold price during 2013 resulted in the deferment of capital spend required to access higher-grade, underground reserves at Murchison, and a focus on production from lower-grade openpit reserves.
As a result of the mine being placed on care and maintenance, some 42 employees and 85 contractors would be made redundant.
Mining activities at Murchison were completed at the end of March, and some 247 000 t of stockpiled ore was now available for processing during the June quarter, containing 7 800 oz of gold.
Once the ore stock processing was completed, an estimated 800 oz of gold in circuit would be recovered, and the mill would be placed on care and maintenance.
Meanwhile, Silver Lake on Wednesday also announced that it had generated a revenue of A$72.3-million during the three months ending March, from the sale of 50 299 oz of gold, at an average realised price of A$1 438/oz.
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