TORONTO, April 5,
2024 /CNW/ - Karora Resources Inc. (TSX: KRR)
("Karora" or the "Corporation") is pleased to announce consolidated
gold production of 36,147 ounces and sales of 40,343 ounces for the
first quarter of 2024. Production was negatively impacted by
wet weather during the quarter and a regional
interruption to grid power that impacted the Lakewood mill,
affecting gold ounces produced. During the quarter, mobile crushing
at Higginsville continued in lieu of primary crushing while the
crusher bridge failure was repaired. This repair was completed in
late March with full primary crushing now restored.
Karora's unaudited consolidated cash balance as at March 31, 2024 was $87.3
million, an increase of $4.8
million compared to December 31,
2023.
Paul Andre Huet, Chairman &
CEO, commented: "Beta Hunt and Higginsville operations delivered
within range despite two weeks of extreme wet weather conditions
that impacted all producers in the region. Additionally, there was
a regional two-week interruption to grid power that impacted the
Lakewood mill resulting in approximately two weeks of processing
being lost, with power subsequently restored.
The Beta Hunt production ramp up remains on track and we are
confident in our full year 2024 gold production guidance target of
between 170,000 and 185,000 ounces and AISC cost target range of
US$1,250 and US$1,375 per ounce sold. We are also very excited
with the progress on advancing the development of an exploration
drive towards the southern portion of the new Fletcher zone where
we have reported very strong exploration drill results. The initial
cuts into the Fletcher zone are anticipated for the second half of
the year.
Our first quarter sales performance was boosted by shipment
timing and strong gold prices resulting in an increase in our cash
position of $4.8 million to
$87.3 million at the end of the first
quarter compared to December 31,
2023, continuing to strengthen our balance sheet."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 170,000-185,000 ounces in 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. In July 2022, Karora acquired
the 1.0 Mtpa Lakewood Mill in Western
Australia. At Beta Hunt, a robust gold Mineral Resource and
Reserve are hosted in multiple gold shears, with gold intersections
along a 5 km strike length remaining open in multiple
directions. HGO has a substantial Mineral gold Resource and
Reserve and prospective land package totaling approximately 1,900
square kilometers. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and on the OTCQX market under the symbol KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to production
guidance and the potential of the Beta Hunt Mine and Higginsville
Gold Operation.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.