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miningnews 31/03/04

  1. jerome1

    1,674 Posts.

    Kingsgate lifts forecast 40%

    Michael Quinn

    Wednesday, March 31, 2004
    KINGSGATE Consolidated has increased its forecast earnings in 2004 by nearly 40% based on its high-grade gold discovery at Chatree in Thailand.

    Earnings at a gold price of US$400 per ounce will now total US$30 million, based on production of 155,000oz at cash costs of US$120/oz.

    Prior to the discovery of the so-called P Pit, Kingsgate had forecast around 135,000oz at US$135/oz cash costs.

    The P Pit contains 280,000t grading 8.1gpt gold and 35gpt silver for 73,000 ounces of gold and 313,000oz of silver, including a high-grade pod of 19,300t at 69gpt gold.

    Shares in Kingsgate were up 3 cents in early trade today.

    Click here to read the rest of todays news stories.

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