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Red 5 reports third consecutive month of record gold production at King of the Hills

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(Kitco News) - Australian gold producer Red 5 (ASX: RED) announced today that its King of the Hills mine, located in Western Australia, has delivered a third consecutive month of record production in May 2023, producing 19,039 ounces of gold (April 2023: 18,633 ounces).

The company said that the King of the Hills mine produced 19,039 ounces in May 2023 from 0.35Mt of ore processed at an average head grade of 1.80g/t with a record gold recovery of 93.6%.

Red 5 noted that, as previously foreshadowed, the mine completed planned mill and crusher maintenance shutdowns in May, adding that these shutdowns were successful and resulted in four days of zero mill production during the month.

According to a news release, the open pit and underground mines continued to perform well during the month, with run-of-mine (ROM) stockpiles containing an estimated 560kt of ore grading an estimated 1.2 g/t at the end of May 2023.

Importantly, the company pointed out that its 2H FY2023 production guidance is maintained at 90,000 – 105,000 ounces at an all-in sustaining cost (AISC) of A$1,750 – A$1,950 per ounce.

Red 5 Limited is an ASX-listed gold mining company. Headquartered in Perth, Western Australia, the company owns 100% of the King of the Hills and Darlot gold mines in the Eastern Goldfields region of Western Australia.

The company indicated that the construction and ramp up of the 4.7Mtpa King of the Hills project now provides a clear pathway to becoming an Australian mid-tier gold producer within the next 12 months.

First gold at King of the Hills was produced on 5 June 2022 - on time and on budget. Red 5 plans to produce over 200kozpa in FY23 and beyond.

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