K92 Announces Record Production For Q4
K92 Mining Inc announced its production in the fourth quarter (Q4) of 2019 exceeded budget by 30 per cent, with 23,646 ounces (oz) AuEq (gold equivalent) produced for the quarter at its Kainantu Gold Mine in Papua New Guinea. In its market release to the Toronto Stock Exchange, during Q4, K92 produced 23,096 ounces of gold, 216,656 pounds of copper and 5,243 ounces of silver or 23,646 AuEq oz (based on a gold price of US$1,300/oz; silver price of US$16.50/oz; copper price of US$2.90/lb).
Mining operations in Q4 continued to focus on Kora North and comprised cut and fill stope mining from the K1 vein at the 1170, 1205 and 1225 mRL level as well as development tonnes from the K2 vein on the 1225 mRL level. The gold head grade was above and the copper grade below the anticipated long-term average grades.
The above average gold grades are the result of a combination of lower dilution being achieved in the stope and development mining combined with a higher proportion of K1 treated during the quarter, while the below budget copper grades are the result of treating a higher proportion of K1.
Importantly, the above budget production was achieved despite a number of interruptions to underground mine operations due to upgrading of underground infrastructure, including commissioning of the new underground power reticulation system and the new main ventilation fans.
The plant was also impacted by stoppages to install the new larger secondary crusher as well as various other crusher upgrades.
John Lewins, K92 chief executive officer and director, stated, “The production results for the fourth quarter and the year have again exceeded expectations which is a testament to the quality of not only the Kora North deposit but also the entire team at Kainantu.
“This record production of 23,646 ozs AuEq was delivered during a quarter in which there were significant interruptions to underground operations resulting from the ongoing upgrading of key infrastructure as well as interruptions to plant operations associated with the installation of new equipment.
Financial details will be available in the company’s upcoming annual financial statements. Annual production guidance for 2020 will be reported in the first half of Q1.
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