(Kitco News) - Laneway Resources (ASX: LNY) announced today that the first gold pour took place late yesterday at the Georgetown gold processing plant from the processing of high-grade ore mined at the Sherwood deposit within Laneway’s 100% owned Agate Creek gold mine in North Queensland, Australia.
The company said that the first gold pour has been achieved in line with mining and processing schedules, adding that ore from the current mining at Agate Creek commenced feeding into the processing circuit at Georgetown last week.
Approximately 30,000 tonnes of ore at 8 g/t Au is being mined from the current
pit at Sherwood, Laneway added.
In its statement, Laneway noted that the first gold pour achieves a significant milestone for the company as it has transitioned from explorer to developer and now producer.
The company said it has brought the Agate Creek project into production quickly following the entering into of the agreement to acquire the Georgetown project earlier this year.
Laneway anticipates material positive cash flow this year from the high grade gold mining activities at Agate Creek aided by continuing high prices for AUD denominated gold.
Managing Director Brad Gordon commented, “This first gold pour is another significant milestone for Laneway on its journey to becoming a substantial gold producer. Following entering into the agreement to acquire the Georgetown project including the Georgetown gold processing plant earlier this year, Laneway has successfully and rapidly executed on the refurbishment and recommissioning of the plant and the recommencement of mining at Agate Creek. The strong cashflows that can now be generated will establish a solid base for unlocking the considerable value in our project portfolio.”
|
| Ivanhoe Mines reports fatality at Kamoa-Kakula, says operations unaffected |
