Resolute Mining Limited present its Quarterly Activities Report for the period ended 31 March 2018. Managing Director and Chief Executive Officer, Mr. John Welborn commended the Company’s operations teams at Syama and Ravenswood on the progress made towards commissioning new long-life mines that will deliver increased production at lower costs.
“Resolute is delivering a series of transformational growth projects. The Syama Underground mine is making steady progress towards the final goal of a world class sublevel cave operation. Completion of the Syama Underground mine will take total site production from Syama to levels above 250,000 ounces of gold annually. During the quarter we received the final approvals required to proceed with the Ravenswood Expansion Project. This project will take annual site production from Ravenswood to beyond 120,000 ounces of gold over a 13 year mine-life. The Bibiani feasibility study is being finalised and will generate a new reserve inventory and significantly improved development potential. Re-commissioning of Bibiani will provide a production target for Resolute of circa 500,000 ounces of gold production annually from three operating mines.
“The Company’s operating teams at Syama and Ravenswood have been working to maintain production levels and costs while delivering these transformational new mines. At Syama, sulphide operations have been dependent on stockpiled material since open pit mining ceased at the Syama main open pit in May 2015. Reliance on these stockpiles will diminish as greater quantities of ore are sourced from underground. Full sub level caving operations are on track to commence in December 2018.
“During the March quarter the Syama sulphide operation has processed a greater quantity of lower quality stockpiled material than was expected. This has resulted in a lower than forecast grade and associated recoveries from the sulphide circuit which has flowed through into the quarterly results. Full year guidance has been adjusted accordingly. This adjustment relates only to the short-term effects of the depreciating grade and metallurgical quality of our sulphide stockpiled material. Importantly, the change does not have any impact on our future mine plans for the Syama Underground mine or the improvements we are making to our Syama processing infrastructure. Our reliance on stockpiles will continue to reduce as the Syama Underground mine ramps up.
“A number of important milestones will be delivered during the current quarter. We are expecting to receive Environmental Approvals at Bibiani and publish an updated feasibility study based on the recently upgraded resource. At Ravenswood the recently received final approvals will allow for publication of an optimisation study of the Ravenswood Expansion Project. At Syama we will be updating the Underground Reserve estimate and publishing improved Life-of-Mine financial outcomes for the new Syama Underground mine. In addition, we expect to receive and publish results from our ongoing exploration programs at Nafolo and Tabakaroni within our extensive Syama tenure
“Resolute maintains a strong balance sheet with substantial unencumbered cash reserves. Our mines continue to generate strong operating cash flows and our exciting growth projects are on-track for completion on time and budget. The Syama Underground mine and the Ravenswood Expansion Project will provide Resolute with a base to build a portfolio of long life, low cost, growing gold mines.”
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