K92 Mining Quarterly Production Results
October 12 2018 - 8:00AM
K92 is pleased to announce Q3 2018
production of 9,549 ounces of gold and 146,315 pounds of copper
from the Kainantu Gold Copper Mine
Q3 2018 Highlights include:
- Production of 9,549 ozs of gold and 146,315 lbs copper
for a total of 9,908 AuEq ozs in Q3 2018
- The average grade treated through the Process Plant for
Q3 2018 was 16.7 g/t Au and 0.38% Cu
- Initial exploration drilling program on Yanabo/Yompossa
porphyry target completed
- No Lost Time Injuries (LTIs) recorded during Q3 2018
and none recorded for the entire 2017
VANCOUVER, British Columbia, Oct. 12, 2018
(GLOBE NEWSWIRE) -- K92 Mining Inc. (TSX-V: KNT; OTCQX:
KNTNF) (“K92”) is pleased to provide an
update on operations during Q3 2018 (“Q2”) at its
Kainantu Gold Mine in Papua New Guinea.
During Q3, K92 produced 9,549 ounces of gold,
146,315 pounds of copper and 2,551 ozs of silver or 9,910 AuEq ozs
(based on a Gold price of US$1,300/oz; Silver US$16.5/oz; Copper
US$2.90/lb).
As previously reported, mining operations were
disrupted for a period of over three weeks in July due to a fall of
ground (“FOG”) near muck bay 4 in the incline, which necessitated
remediation action and replacement of ground support in the area.
The production was achieved from operating less than 75% of the
quarter, while during the balance of the quarter production
exceeded 1,000 ozs AuEq per week.
Mining operations focused on Kora North,
comprising cut and fill stope mining from the K2 vein over a
200-metre strike length and cut and fill stope mining on the K1
vein over a 250-metre strike length.
The blend of primarily K1 material with some and
K2 material provided an average grade treated through the Process
Plant for Q3 of 16.7 g/t Au and 0.38% Cu. Recoveries for the
quarter averaged 94% for gold and 93.2% copper.
Grade control drilling from the third drill
cuddy Diamond Drill Cuddy 3 (“DDC3”) continued during the quarter,
while exploration drilling commenced from DDC4.
John Lewins, K92 Chief Executive Officer and
Director, states, “We are extremely pleased with the production
of almost 10,000 AuEq ozs achieved during this quarter, especially
given that underground mining production was disrupted by a Fall of
Ground (“FOG”) in the incline, which resulted in over 3 weeks of
underground mine production being lost during the quarter.
Excluding this stoppage, production exceeded 1,000 ozs per week for
the balance of the quarter. In addition, we saw an improvement in
gold recover to 94% while throughput in September was the best yet
achieved at over 9,500 tonnes for the month.”
Further financial details regarding Q3
production will be available within the upcoming quarterly
financial filing. Based on budget, K92 anticipates operations
achieved positive cash flow for the quarter.
On behalf of K92,
John Lewins
Chief Executive Officer and Director
For further information, please contact the
Company at +1-604-687-7130.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Cash flow estimations for Q1 2018 are
subject to change and subject to the finalization of financial
statements. All statements that address future plans, activities,
events or developments that the Company believes, expects or
anticipates will or may occur are forward-looking information,
including statements regarding the realization of the preliminary
economic analysis for the Project, expectations of future cash
flows, the proposed plant expansion, potential expansion of
resources and the generation of further drilling results which may
or may not occur. Forward-looking statements and information
contained herein are based on certain factors and assumptions
regarding, among other things, the market price of the Company’s
securities, metal prices, exchange rates, taxation, the estimation,
timing and amount of future exploration and development, capital
and operating costs, the availability of financing, the receipt of
regulatory approvals, environmental risks, title disputes, failure
of plant, equipment or processes to operate as anticipated,
accidents, labour disputes, claims and limitations on insurance
coverage and other risks of the mining industry, changes in
national and local government regulation of mining operations, and
regulations and other matters. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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