THE first gold pour took place at the Allied Gold’s 100% owned Simberi gold mine in New Ireland yesterday.
Commenting on the first gold pour, Allied Gold’s executive chairman Mark Caruso said: “This is a momentous occasion for the company and its shareholders, and is a result of a dedicated team effort in what is a challenging environment for construction of major mining projects.
“We are proud of our effort to commission a significant gold mining operation, against a backdrop of labour shortages and input price measures.”
Allied Gold said in a statement there had been several gold bars poured with total 2,392 ounces of gold produced.
“Metallurgical recovery rates are meeting budget estimates and initial head grade reconciliation data suggests that there is potential for grade out-performance,” the company added.
The mine has a standard carbon-in-leach processing plant, which “has been progressively commissioned of 2.2 million tonnes per annum by the end of next month, the company said.
Allied Gold said it is focusing on continuing to add shareholder value by exploring for more gold on Simberi Island and starting drill testing of the numerous targets on the nearby Tatau and Big Tabar islands.
Gold production at Simberi is expected to be 84,000 ounces per year over a mine life span of eight years.
However, there are plans to expand the mine and increase production by 60% to 135,000 ounces per year.
Allied Gold’s shares traded on the Australian Securities Exchange yesterday increased by 10.45% to A$0.74 to the previous day’s close of A$0.67.