Australian miner Red River Resources (ASX:RVR) has released its annual report for the year ending June 30 2018.

In the report, non-executive chairman Brett Fletcher said that highlights of the year were:

• Continued positive drilling results at the Liontown East discovery.
• The announcement of a maiden Ore Reserve of 1.5Mt at 12.0 percent zinc-equivalent at Far West.
• An updated Ore Reserve of 0.6Mt @at11.6 percent zinc-equivalent at West 45.
• Together, the West 45 and Far West Ore Reserves plus the Waterloo project underpin an operational life of at least seven years for the Thalanga Operations.

As quoted in the release, Fletcher said:

Red River’s balance sheet remains debt free, and as at year end we had a cash balance of AU$20.2 million plus financial assets of AU$8.8 million (cash backed security bond deposits) and also an undrawn working capital facility of US$10 million. The coming year will be an exciting one for Red River as we ramp up production at Thalanga, with our second mine, Far West, scheduled to commence production in early 2019 and we continue to explore our ground for new and larger opportunities.

Click here to read the full Red River Resources (ASX:RVR) press release.