Auric Mining

Jeffreys Find Gold Mine - Stage One Reconciliation Total Surplus Cash to Auric $4.77 Million9,741 Ounces Produced

Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce a final reconciliation from Stage One mining of the Jeffreys Find Gold Mine (the Project) near Norseman, WA.


HIGHLIGHTS:

  • Gross revenue of $29.28 million.
  • Total cash proceeds to Auric $4,766,039(ex GST).
  • 9,741 ounces of gold produced.
  • Gold sale price averaged $3,006 per ounce.
  • Company is self-funding for 2024.


Management Comment

Managing Director, Mark English, said “What a fantastic result! To produce 9,741 ounces of gold in stage one of mining and Auric receiving $4.7 million, being its share of total surplus cash distributions, is a terrific achievement.

Stage One of mining has taken six months - not long to generate almost $30 million in gross revenue and $9.5 million in total surplus cash to be split by the partners.

The second campaign returned a head grade of 1.93 grams per tonne, way ahead of the first campaign which produced at 1.58 g/t. Better still was an average gold price of $3,021/ounce for the second parcel which yielded more than 8,000 ounces.

Perth Mint sold gold at $3,131/ounce, the highest price for gold bullion received in Australian dollars at the time. The timing was excellent.

We are extremely happy with the capability of BML. They are an excellent small miner and partner. Planning is well underway for 2024. BML are working on the parameters for a final pit. Considering the Stage One pit was premised on a gold price of $2,600/ounce, we may see a more expansive approach to mining in 2024.

Auric has achieved what very few other junior miners have ever done – gone from tenement acquisition to IPO listing, production, then cash in the bank in just three years. We are now self-funding, which cannot be over emphasised in this tight financial market.”


Click here for the full ASX Release

This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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