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Gold Road reports record quarterly gold production of 85,676 ounces at Gruyere

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(Kitco News) - Australian gold miner Gold Road Resources (ASX: GOR) announced yesterday that the Gruyere mine produced a record 85,676 ounces of gold (100% basis) during June quarter (March quarter: 71,135 ounces), in line with expectations.

The company said that production rates remain in line with annual guidance of 300,000 - 340,000 ounces (150,000 - 170,000 ounces attributable), adding that Gold Road and Gruyere have to date had no material impact on gold production from COVID-19.

The company also noted that it ended the quarter in a strong position with cash and equivalents of $161.3 million (March quarter: $138.0 million) and no debt drawn.

Gold Road is a mid-tier Australian gold producer with a Tier 1 mine and exploration projects in the underexplored and prospective Yamarna Greenstone Belt in Western Australia’s north-eastern Goldfields.

Gold Road owns 50% of the world-class Gruyere gold mine, which was developed in Joint Venture with Gold Fields Ltd and produced first gold in June 2019.

Gruyere is forecast to lift production to a sustainable 350,000 ounces (100% basis) annually per annum by 2023 whilst maintaining a mine life of at least 10 years, making it one of Australia’s largest and lowest-cost gold mining operations.

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