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| Allied ramps up Simberi output | |
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By BRIAN GOMEZ in Sydney PAPUA New Guinea’s newest producer, Allied Gold Ltd, has produced 13,140 ounces of gold at its fully-owned Simberi mine from Feb 1 to March 14 with mill throughput reaching 70% of nameplate capacity. The company said yesterday metallurgical recoveries and head grades have run according to plan and in line with estimates from the ore reserve model. By March 14 some 120,000 dry tonnes of ore had been processed at an average head grade of 3.93 grams a tonne of gold with a throughput of 174 tonnes an hour. So far 6,162oz of gold have been poured from the 13,140oz that have been produced. Despite the positive news, the company’s shares dropped A$0.04, or 5.3%, to A$0.72 after world gold prices fell from their record levels above US$1,000 (K2,903) an ounce to US$918 (K2664.73) an ounce. Allied Gold also continued to report good news on the exploration front with extensional drilling in the Sorowar pit, outside the current pit design, yielding intersections of 22m @ 1.06 g/t from 28m, 7m @ 1.21 g/t from 20m and 24m @ 1.41 g/t from 24m. Recent results from the SE Sorowar and Monun Creek extend the current pit limits by about 400m. They are like to increase current estimates reserves of 17.5 million tonnes at 1.21 g/t for 681,000 ounces of contained gold over a strike length of 700m. |
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