Auric Mining Ltd (ASX:AWJ) has generated “brilliant” gold sales worth more than $100 million from the Jeffreys Find mine in Western Australia.
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These sales cover the amount of gold sold during Stages One and Two of production from the mine, located close to Norseman in the Esperance-Goldfields region, with the work being managed through a joint venture between Auric and BML Ventures Pty Ltd in Kalgoorlie.
Additionally, Auric told investors a total of 17,901 ounces of gold had been sold through Stage Two of mining from the mine as of February 21.
With the latest gold being sold at $4,625 an ounce (for an average of A$4,024 per ounce), the mining company said it anticipated a cash surplus of between $11 million and $12 million from Stage Two.
“In just a couple of years this short-life mine has now generated more than $100 million in gold sales for the project,” managing director Mark English said.
“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged we would be selling gold at more than A$4,600 an ounce?
“By any measure, it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. We are expecting millions more in cash over the next few months.”
Auric will now be looking ahead to the 60,000-tonne parcel which is left being milled in coming months.
Auric shares last traded 30.2c – a rise of 2.54% since the market opened.
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