K92 Achieves Commercial Production at Kainantu Gold Mine
07 Febbraio 2018 - 1:00PM
VANCOUVER, British Columbia, Feb. 07, 2018 (GLOBE NEWSWIRE)
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K92 Mining Inc. (“K92”) (TSX-V:KNT)
(OTCQB:KNTNF) is pleased to announce it has achieved and declares
commercial production effective February 1, 2018 at its Kainantu
Gold Mine in Papua New Guinea.
Production for the month of January 2018
exceeded 2,700 ozs gold equivalent (2,500 ozs gold). At this level
of production, based on the budgeted monthly operating costs, Total
Cash Costs1 for the month of January are expected to be
below US$850/oz gold equivalent.
K92 defined commercial production as having
commenced stope production underground, achieving a minimum of 60%
of designed gold production and a minimum of 90% of designed metal
recovery from the process plant over a 30 day period. These metrics
were met during the month of January and the company expects them
to be maintained going forward and has therefore declared
commercial production effective February 1, 2018.
Production levels from Kora North are
anticipated to continue building up over the coming months from
development and tonnage from the cut and fill stopes, with design
levels expected to be achieved during the June 2018 Quarter, when
the first long hole stope production commences.
John Lewins, K92 Chief Executive Officer and
Director, states, “We are extremely pleased to have reached
this very significant milestone of commercial production. That we
have achieved this mining the Kora North Lode, eight months after
drilling the first discovery hole and just four months after
commencing grade control drilling and the treatment of the initial
bulk sample is a testament to the professionalism, enthusiasm and
ability of the entire team at our Kainantu operation.”
K92 has not based its production decisions on
ongoing mine production or mineral reserve estimates or feasibility
studies, and historically such projects have increased uncertainty
and risk of failure. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
(1) “Total Cash Costs” per ounce is a non-GAAP financial measure
which is calculated in accordance with a standard developed by The
Gold Institute, a worldwide association of suppliers of gold and
gold products that ceased operations in 2002. Adoption of the
standard is voluntary and the cost measures presented may not be
comparable to other similarly titled measures of other
companies. K92 believes that certain investors would use this
information to evaluate K92’s performance and ability to generate
liquidity through operating cash flow to fund future capital
expenditures and working capital needs. Total cash costs
include mine site operation costs such as mining, processing and
administration costs, royalties, and selling costs but are
exclusive of amortization, reclamation, capital and exploration
costs. Total cash costs are then dividend by ounces of gold
equivalent produced. This data is furnished to provide
additional information and is a non-GAAP financial measure.
Total cash costs presented do not have a standardized meaning under
IFRS and may not be comparable to similar measures presented by
other mining companies. It should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS and is not necessarily indicative of cash
flow from operations under IFRS or operating costs presented under
GAAP.
On behalf of the company,
John Lewins
Chief Executive Officer and Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. All statements that address future
plans, activities, events or developments that the Company
believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
realization of the preliminary economic analysis for the Project,
expectations of future cash flows, the proposed plant expansion,
potential expansion of resources and the generation of further
drilling results which may or may not occur. Forward-looking
statements and information contained herein are based on certain
factors and assumptions regarding, among other things, the market
price of the Company’s securities, metal prices, exchange rates,
taxation, the estimation, timing and amount of future exploration
and development, capital and operating costs, the availability of
financing, the receipt of regulatory approvals, environmental
risks, title disputes, failure of plant, equipment or processes to
operate as anticipated, accidents, labour disputes, claims and
limitations on insurance coverage and other risks of the mining
industry, changes in national and local government regulation of
mining operations, and regulations and other matters. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Telephone: (604) 687-7130
Facsimile: (604) 608-9110
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