Red River Resource expand operations at Hillgrove
(Kitco News) - Red River Resources (RRR:LSE) continues to ramp up production at the Hillgrove gold operation in New South Wales after processing its first ore at the site.
The first ore was processed on December 29 with the company meeting its commitment of bringing the site into production in the last quarter of 2020. Red River is also said to be increasing the workforce at the site to more than 50 personnel.
Hillgrove has produced over 730,000 ounces of gold and more than 50,000 tonnes of antimony since 1969. A total investment of $180 million has gone into Hillgrove since 2004, which was used for various upgrades of the operation including its processing plant, underground mine infrastructure and site infrastructure.
The share price of Red River has risen over 10% in UK trading hours. There is now a significant resistance level at 1.20 that the bulls will need to take out to keep this trend going. The level was also used in 2018 and has been very strong. Over the calendar year, the share price has performed well rising over 800%.