K92 Expects To Mine Over 110,000 Ounces Gold Equivalent
An estimated total of between 110 – 120 thousand ounces (oz) of gold equivalent (AuEq) is expected for to be mined in 2020 for the Kainantu gold mine in the Eastern Highlands Province. This is the current estimates expected by mine developer K92 Mining Inc CEO John Lewins.
“For 2020 we are expecting production of approximately 110,000-120,000 ounces gold equivalent, which is a +40 per cent increase from gold equivalent production in 2019, however our outlook for the year is pending review and will be finalized in the coming weeks,” he said.
The mine’s production has been impressive over the last three years beginning in 2017 with around 8000 ounces, to last year’s just under 80,000 oz.
“For K92 we will be updating our resource for the Kora/Kora North Resource, which we expect to see a significant increase from the current 2.8 Mozs. “The updated resource will be used as the basis of a new study on the next phase of expansion, with a PEA (“Preliminary Economic Assessment) due in April on the expansion and a full feasibility study due in early 2021.
Production for 2019 was a record of 79,838 oz of gold or 82,256 AuEq oz, compared to production of 47,237 oz AuEq for 2018. Production for 2019 exceeded the top end of upgraded production guidance of 72,000 to 80,000 AuEq oz, which was originally 68,000 to 75,000 AuEq oz (see August 15, 2019 press release – K92 Mining Inc.
Releases 2019 Q2 Financial Results, Increases Production Guidance and Decreases 2019 Cost Guidance) by 2,256 AuEq oz.