Silver Lake Resources (ASX: SLR) has been granted a trading halt by the ASX pending the release of an Ore Resource Statement announcement, with the company's shares placed in pre-open.
Silver Lake has not yet indicated which project the statement will be made on, but the company has been having some gold exploration success on several fronts recently.
Another major boost for the company came last month with the decision to commence gold production at the Wombola Dam open pit in September 2011, which forms part of the company's larger Mount Monger Operations.
What makes the production story so interesting is the cash costs of just A$432 per ounce at the starter pit, due to a favourable waste:ore strip ratio of 4.8:1.
The starter pit is predominately transitional/fresh (hard) rock to produce around 13,000 gold ounces over nine months at the low cash costs, extracting less than 30% of the total resource down to a depth of around 35 metres.
The project allows additional ore stock available for feed in readiness for the stage 1 upgrade of Lakewood Mill to 700,000 tpa in December 2011, which Silver Lake has confirmed is tracking to plan.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/18299/silver-lake-resources-in-pre-open-pending-ore-resource-statement-announcement-18299.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment