(Kitco News) - Karora Resources (TSX: KRR) today announced record consolidated 2022 gold production of 133,836 ounces from its Beta Hunt and Higginsville mines in Western Australia.
The company said that gold sales were also a record, totaling 132,047 ounces during 2022, adding that for the fourth quarter of 2022, gold production was very strong at 37,258 ounces and sales were 39,849 ounces.
Chairman and CEO Paul Andre Huet commented, "I am extremely pleased to announce another year of production records at Karora. Record 2022 gold production of 133,836 ounces places us at the high end our full year 2022 guidance range of 120,000 – 135,000 ounces. We also increased our cash position while at the same time investing in the business and ended the year with a cash balance of $69 million.
"I am proud of our team for once again delivering on our operational plan and achieving our targeted production level for 2022 while facing numerous headwinds. Last year started with a tremendous level of uncertainty as COVID-19 related issues caused severe temporary limitations on labour availability which impacted our first and second quarter numbers. Once again, as our operating team has demonstrated many times over last few years, we rose to the challenge and delivered as promised with a strong second half of 2022, breaking our previous annual production record by almost 20%."
Karora 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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