(Kitco News) - Karora Resources (TSX: KRR) today announced record consolidated gold production of 38,437 ounces for the third quarter of 2022 from its Beta Hunt and Higginsville mines in Western Australia.
In its statement, Karora said that the third quarter was very strong operationally for the company, particularly following the incorporation of the newly acquired Lakewood mill into its operations, which began in August.
Chairman and CEO Paul Andre Huet commented, "In our first two months of owning two producing mills, we were able to optimize our blend of material from the Beta Hunt mine, the Aquarius and Two Boys underground mines at Higginsville, our Spargos open pit mine and some of our lower-grade surface stockpiles to achieve a new quarterly gold production record and beat our previous record set in Q2 2022 by an impressive 25%.
"Karora sits in an excellent position both operationally and financially. We now control two top tier operating mills centrally located in the prolific Kalgoorlie region and an unrivalled land package totaling 1,900km2 paired with an aggressive +A$20M annual exploration budget. All of this is supported by a robust balance sheet and operational cash flow generation that underpins our plan to grow production within the next couple years."
Karora indicated it is focused on increasing gold production to a targeted range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt gold mine and Higginsville gold operations in Western Australia. The company also owns the high grade Spargos Reward project, which came into production in 2021.
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