K92 Mining Q3 produced gold over 18K oz
2019 Third Quarter of K92 Mining says for the three months ended September 30, 2019, K92 (56,741) oz gold and 5,284 (17,742) oz silver for a total of 19,170 (58,610) gold equivalent. AuEq production for the three months ended September 30, 2019, exceeded budget by 14% and represents a significant increase of 93% from the same quarter last year.
For the three months, ended September 30, 2019, K92 reports cash cost of US$602/oz1 (US$507/oz1) and an All-in Sustaining Cost per produced ounce of US$709/oz1 (US$638/oz1). Based on the Kainantu Gold Mine’s strong year-to-date performance, 2019 annual guidance was upgraded on August 15, 2019 to 72,000-80,000 AuEq oz (was 68,000-75,000 AuEq oz), cash costs of US$560-600/oz Au (was $580-$620/oz Au) and AISC of US$720-760/oz Au (was US$780-820/oz Au) on a sales basis.
Revenue less Cost of Sales for the three months (brackets nine months) ended September 30, 2019 was US$8,750,138 (US$34,206,897). John Lewins, K92 Chief Executive Officer and Director, stated, “The Third Quarter saw a substantial strengthening of the financial and commercial position of the Company and the achievement of a number of major milestones.
With production of just under 20,000 oz AuEq for the Third Quarter and just under 60,000 oz AuEq for the year-to-date and despite significant disruption associated with the expansion project, we have confirmed our conviction that we will achieve the top half of our updated AuEq production guidance, while delivering all-in sustaining costs at the bottom of or below our guidance.”
