Kibush Capital | Your Mining News
Kibush Capital Corporation announced today it has commenced operations on the Alluvial Mining Lease 694/695 via its Subsidiary Aqua Mining PNG Limited. Mr. Vincent Appo, PNG Operations Manager, is overseeing the construction of the required infrastructure which will be completed by April 30th and processing to commence May 1st 2015.
The results from testing indicate that the project can expect .95 grams per cubic meter and for the next three months the Company is forecasting 80 ounces of fine gold processed per month. Warren Sheppard, Kibush CEO, said this is an excellent start to operations in Papua New Guinea and once Kibush has completed the initial three month period, it will be in a position to increase processing incrementally by identifying high vein deposits and adding further capital expenditure on machinery and processing equipment. A review of costs with the project confirm the cost of extraction for Kibush will be less than $400USD an ounce.