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Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce the second gold milling campaign for 2024 has produced further cash with gold selling from the Jeffreys Find Gold Mine (the Project) near Norseman, WA, at the Perth Mint for an average of A$3,697 per ounce.
HIGHLIGHTS
- Second campaign of 2024 produces further cash for Joint Venture.
- Three parcels of gold sold at average of $3,697 per ounce.
- Total gross cash generated to date in this campaign is $10.8 Million.
- Second campaign on target to process 150,000 tonnes.
- On schedule to process 300,000 tonnes at Greenfields Mill in 2024.
- First cash of $3.0 Million to be received by Auric within a month.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “Total gross gold sales for 2024 have now been received by the Joint Venture at just shy of $3,700 an ounce. It’s a very satisfying result and reflects the surging gold price.
“Over the coming month, Jeffreys Find Gold Mine is expected to generate around
$25.0 Million in gross gold sales as 150,000 tonnes gets processed at the mill. Everything is right on target.
“Auric will bank cash within the month - $3.0 Million in total, being an initial $2.0 Million surplus cash distribution from the Joint Venture plus the repayment of $1.0 Million working capital contribution.
“We are now at the midpoint of mining Jeffreys Find. It will perform much better than originally anticipated.
“The mill contract is to process 300,000 tonnes in 2024. This 150,000 tonnes parcel is the largest campaign for the year from Jeffreys Find. This leaves a further additional 120,000 tonnes for milling at Greenfields towards the end of 2024.
“On current projections, we will extract in excess of 20,000 ounces of gold this year. This would be a phenomenal result for Auric,” said Mr English.
Photo: Auric Managing Director Mark English, Company Secretary & Finance Manager Catherine Yeo and Technical Director John Utley with a gold doré bar. Greenfields Mill on 6 August 2024.
The Greenfields Mill (Greenfields or Mill) is contracted to process 150,000 tonnes of ore for the current campaign through Auric’s Joint Venture partner, BML Ventures Pty Ltd of Kalgoorlie (BML). As of 14 August 2024 nearly 129,000 tonnes have been delivered to the Mill.
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