K92 Mining Ends Q3 14% Above Budget Projections
K92 Mining Inc announced its production in the third quarter (Q3) exceeded budget by 14 per cent, with 19,170 oz AuEq produced for the quarter at its Kainantu Gold mine in PNG.
During Q3, K92 produced 18,636 oz of gold, 209,287 pounds of copper and 5284 oz of silver or 19,170 AuEq oz (based on a gold price of US$1300/oz; silver price of US$16.50/oz; copper price of US$2.90/lb).
Production for the first three quarters of 2019 is a record of 56,741 oz of gold or 58,610 AuEq oz, compared to production of 47,237 for the entire year in 2018.
Recoveries for the first three quarters of 2019 averaged 93.7 per cent for gold and 92.8 per cent copper.
Mining operations in Q3 continued to focus on Kora North and comprised cut and fill stope mining from the K1 vein at the 1185 and 1205 mRL level as well as development tonnes from the K1 vein on the 1170 mRL level.
Importantly, the above budget production was achieved despite a number of interruptions to underground mine operations due to upgrading of underground infrastructure and mining of three bypasses in the main incline associated with the expansion project.
Some interruption in plant operations was also experienced during the quarter due to installation and commissioning of the gravity circuit.
Financial details and a potential update of the annual production guidance for 2019 will be available in the Company’s upcoming Q3 Financial Report.
John Lewins, K92 chief executive officer and director, said: “The production results for the third quarter reflect the robustness of the Kora North deposit and the ability of the team at Kainantu to deliver on operational performance, while also focusing on major capital and infrastructure projects for the expansion.
“The plant treated 32,094 tonnes at a head grade of 19.2 g/t Au, resulting in production of 19,170 oz AuEq, which was 14 per cent above budget.
“The mine has now produced 58,610 oz AuEq in the first three quarters of 2019, surpassing the 47,237 oz AuEq for the entire 2018, and is well on target to meet our increased guidance of 72,000 to 80,000 oz AuEq for 2019.
“The company continued to work on the expansion of the Kora/Kora North Resource, with the two surface and three underground rigs operating on the mine lease and 30 holes completed during the quarter. “I am also extremely pleased to report that there were no lost time injuries during the quarter, extending our period without a lost time injury to 40 months.”
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