As a result of higher quarterly production, Great Central Mines (NASDAQ) is on target to produce more than 500,000 oz. gold this year from its Australian operation.
Gold production for the quarter was 122,645 oz. at a cash cost of US$182 per oz., and 123,000 oz. was sold at an average of US$427 per oz. In addition, the company posted a pre-tax profit of US$9.16 million for the first quarter.
The period marked the first full quarter of production for the Jundee mine, where projected output was exceeded by 25%.
Great Central Mines expects to increase its production to 142,000 oz. during the next quarter, at an average cost
of US$180, and to produce 510,000 oz. this year.
At Bronzewing and Jundee, which are in the Yandal greenstone belt of Western Australia, drilling continues to intersect mineralization. Additional reserves are being outlined and regional exploration is evaluating the shallow open-pit potential of the nearby Mt. Joel and Mandilla Well prospects.
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