Karora boasts record quarterly gold production in Australia
(Kitco News) - Karora Resources (TSX: KRR) todayannounced record quarterly consolidated gold production since the Higginsvilleacquisition of 30,365 ounces for the third quarter of 2021 from its Beta Huntand Higginsville mines in Western Australia.
According to the company'sstatement, production for the first three quarters of 2021 is a total of 84,889ounces, in line with consolidated 2021 production guidance of 105,000 - 115,000ounces.
Importantly, Karora said thatits consolidated cash balance as at September 30, 2021 was $86.7 million, anincrease of $4.5 million compared to June 30, 2021, after deployment of capitalthis past quarter into new mining operations at Higginsville and Spargos andinto its aggressive drilling program.
Chairman and CEO Paul AndreHuet commented, "Record third quarter gold production of over 30,000ounces continues to track well with our increasing gold production profile aswe move through 2021 and places us on solid footing to achieve our full year2021 guidance range. As we work through the final quarter of 2021 and lookforward to 2022, we remain on track to deliver on our fully funded organicgrowth plan, which we believe to be one of the most robust growth plans in thejunior gold mining sector."
Karora noted it is focused ondoubling gold production to 200,000 ounces by 2024 compared to 2020 andreducing costs at its integrated Beta Hunt gold mine and Higginsville gold operationsin Western Australia. The company also owns the high grade Spargos Rewardproject which is anticipated to begin mining in 2021.
By Vladimir BasovFor Kitco News
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