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K92 Mining powers through production disruptions in Q3

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(Kitco News) - Papua New Guinea’s K92 Mining said Tuesday that Q3 was better than planned at 19,170 oz AuEq (gold equivalent) produced.

The company said that K92's Kainantu Gold Mine produced 18,636 oz of gold, 209,287 pounds of copper and 5,284 oz of silver or 19,170 AuEq oz. Recoveries for the first three quarters of 2019 averaged 93.7% for gold and 92.8% copper.

John Lewins, K92 CEO and director, said the company was able to overcome a number of disruptions to its underground mining operations and exceed budgeted production.

“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% 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."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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