Auric Mining (ASX:AWJ) has sent the final 60,000 tonnes of ore from its Jeffreys Find Gold Mine for processing at the Three Mile Hill Mill in Coolgardie, Western Australia.
Processing will start in the first week of July, with 16,000 tonnes currently at the mill and trucking of the remainder continuing daily.
This final campaign is set to yield 2,750 ounces for sale, with Auric anticipating $3.5 to $4.5 million in cash distributions between July and September.
Managing Director Mark English says the company is expecting about $7 to $9 million in surplus cash from the final campaign, which will be split 50:50 with the company’s partner BML Ventures.
Under the terms of the joint venture agreement, BML Ventures are the miners, operators and managers of the Jeffreys Find Gold Mine.
BML incurs and pays all mining, haulage, milling costs and related expenses.
“The target is about 2,750 ounces. That would be an impressive result and see the total ounces mined from Jeffreys Find exceed 30,000 ounces,” English says.
“It will be a bumper final payday from the project as most mining costs have already been paid.
“Auric will bank more than $15 million from mining at Jeffreys Find. It’s been a game changer for us as we transition to becoming a gold producer in our own right.”
Auric, which has a market capitalisation of $32 million, says rehabilitation and demobilisation is now in progress at Jeffreys Find.
The funds from the final processing campaign will be used to assist with the funding of mining and development costs at the Munda Gold Mine.
Auric has started mining the Starter Pit at Munda and is aiming to produce 6,100 ounces of gold from 125,000 tonnes of mined ore.
Write to Angela East at Mining.com.au
Images: Auric Mining
