The initial gold pour by Roxgold totalled 1 020 oz and was achieved on 16 May 2016, thirteen months after breaking ground at the project.
“We are extremely pleased to be a producing company, and are delighted to continue our track record of reaching milestones ahead of schedule,” says Roxgold president and CEO John Dorward.
He thanked the company’s shareholders, stakeholders in the community, employees, contractors, government officials and the board of directors for all of their continued support.
“Pouring gold thirteen months from breaking ground is an achievement that we can all be proud of and is a true testament of hard work, dedication and exemplary teamwork by the Roxgold team,” Roxgold’s COO Paul Criddle enthused.
The Yaramoko mine was built on budget, ahead of schedule and is one of the highest grade gold mines in the world. [quote]
As at 31 March 2016 Roxgold maintained a healthy balance sheet with cash of approximately US$42 million and debt of approximately $59 million.
Plant practical completion and processing performance tests confirming nameplate throughput and recovery assumptions were completed over a month ahead of schedule and mine development remains ahead of plan year to date.
In the underground operation, four sub-levels are fully developed to the eastern end of the resource and ore development is continuing to the western end of the first mining block on three levels.
Ore development is expected to increase further next month when development commences in Block 2 on the western side of the deposit. Stoping operations in Block 1 will commence in July, further increasing the mine’s productivity.
Roxgold reports that there are currently approximately 30 000 t of mill feed grade ore on the run of mine (ROM) pad. This represents approximately six weeks of plant throughput at the nameplate level of 750 tpd and, together with development ore, should ensure that the processing plant is adequately supplied through the ramp up phase.
Roxgold expects to ramp up to commercial production in the third quarter of 2016.