AI assistant
KINGSROSE MINING LIMITED — Capital/Financing Update 2016
Jan 17, 2016
65202_rns_2016-01-17_14dd3d10-d3ed-430b-8a22-2a48dfe06fd3.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [595 x 135] intentionally omitted <==
ASX Announcement January 18, 2016
Talang Santo posts strong production increase in December Quarter
Kingsrose Mining Limited (ASX: KRM) is pleased to advise that its strategy to lift the performance of its flagship Talang Santo gold mine in Indonesia is delivering highly encouraging results, with December Quarter production rising 55 per cent to 6,213 ounces.
The increased production, which saw mined tonnages rise by 62 per cent to 21,341 tonnes, is largely due to the successful measures implemented to manage water inflows at the mine.
The all-in sustaining costs at Talang Santo during the December quarter are now being finalised and will be published as part of the Quarterly Report later this month. However, it is clear that the increased production resulted in a significant reduction in Talang Santo’s costs per ounce during the Quarter.
Kingsrose Chairman John Morris, who will work in an executive capacity while the Company finalises the appointment of a new Managing Director, (refer ASX Announcement 3 November 2015), said the water management plan and ongoing focus on increasing production at Talang Santo was proving effective.
“Talang Santo is an outstanding mine with exceptionally high grades and low costs,” Mr Morris said. “Unfortunately, the mine’s performance has been hampered in recent times by the challenges associated with water inflows in some parts of the mine.”
“These latest results are pleasing and we are confident that the project will continue to see ongoing progress on both the production and cost fronts, generating increasing cashflow for the Company.”
Kingsrose is also seeking to build on the exploration strategy implemented over the past 12 months. This has yielded early-stage success on numerous prospects across the wider project area.
A review of geophysical data is currently underway, which will assist with refining targets for a drill program scheduled for later in the calendar year.
-ENDS-
==> picture [595 x 115] intentionally omitted <==
----- Start of picture text ----- Suite 9, Level 2, 12-14 Thelma Street, West Perth WA 6005 | P (08) 9486 1149 | F (08) 9486 1151[email protected] | www.kingsrosemining.com.au | ASX: KRMABN: 49 112 389 910----- End of picture text -----
==> picture [595 x 135] intentionally omitted <==
Investor Enquiries:
John Morris, Chairman +61 8 9486 1149 [email protected]
Joanna Kiernan, Company Secretary +61 8 9486 1149 [email protected]
Media Enquiries: Paul Armstrong, Read Corporate +61 8 9388 1474 [email protected]
==> picture [595 x 115] intentionally omitted <==
----- Start of picture text ----- testing blind mineralisation.Suite 9, Level 2, 12-14 Thelma Street, West Perth WA 6005 | P (08) 9486 1149 | F (08) 9486 1151[email protected] | www.kingsrosemining.com.au | ASX: KRMABN: 49 112 389 910----- End of picture text -----