Kingsgate gold remains on track
January 18, 2010
Kingsgate Consolidated Limited (KCN) said it had produced 40,224 ounces of gold in the three months to 31 December. Looking ahead, the gold miner said it expected production would come in at the higher end of the 120,000 – 140,000 ounces previously offered as production guidance for the year to 30 June 2010.
Meanwhile Kingsgate Consolidated said the total costs for production were US$388 per ounce.
In exploration development, the company said that positive drilling results meant new and deeper gold zones had been discovered at its Chatree D pit, located around 280 km north of Bangkok.
In milestone news, Kingsgate said its one-millionth ounce of gold was expected to be produced after 8 years of mining at its Chatree. The company said another 1.5 million ounces were anticipated to still be in the gound at the mine.
Taking a look at the financials the miner said it had over $30 million in cash in the bank with almost 10,000 ounces of gold bullion on hand with no debt.
At the open Kingsgate shares were 12c higher at $9.55.
Meanwhile Kingsgate Consolidated said the total costs for production were US$388 per ounce.
In exploration development, the company said that positive drilling results meant new and deeper gold zones had been discovered at its Chatree D pit, located around 280 km north of Bangkok.
In milestone news, Kingsgate said its one-millionth ounce of gold was expected to be produced after 8 years of mining at its Chatree. The company said another 1.5 million ounces were anticipated to still be in the gound at the mine.
Taking a look at the financials the miner said it had over $30 million in cash in the bank with almost 10,000 ounces of gold bullion on hand with no debt.
At the open Kingsgate shares were 12c higher at $9.55.
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