Crater sells first PNG ounces

gold

Esmarie Swanepoel | Mining Weekly

Gold junior Crater Gold Mining has sold the first gold from its Crater Mountain project, in Papua New Guinea. The miner reported on Friday that 17.4 oz of gold had been sold from processing ore from the High Grade Zone project, with average grades recovered recorded at 6 g/t gold.

Mining operations at High Grade Zone were resumed in March this year, after the company had initially been ordered to cease mining activities in late December, pending the conclusion of an inquiry into the circumstances surrounding a November vehicle accident, which claimed the life of the driver.

Crater MD Russ Parker said that the sale of first gold was a major milestone for the company.

“We have now sold our first gold in the history of the company. The production level will increase as we continue to upgrade our plant to full capacity in around three months.”

Parker noted that once mining plant capacity was achieved, Crater would produce some 10 000 oz gold in the first full year of production, at an all-in cash cost of below A$400/oz.

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Filed under Financial returns, Papua New Guinea

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