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Australian miner posts record quarter for gold production with new mine ready for September
Australia’s Evolution Mining said it’s seeing the results of its three-year turnaround plan to restore Red Lake as a premier gold mining region. Sydney-based Evolution posted its June quarterly results – for the period running May 1 to June 30 – showing gold production is up, grades are higher, and operating costs are coming down.
In a webcast last week, Executive Chair Jake Klein said they’re “making good progress” at Red Lake in achieving a more consistent performance out of the northwestern Ontario mine complex acquired in March 2020.
The company called the past quarter it’s best to date with production up 17 per cent at 38,620 ounces compared to 33,056 ounces recorded during the last quarter. Ore tonnes processed increased by eight per cent over the previous quarter to a record 258,000 tonnes. The gold grade also went up eight per cent to 5.11 grams per tonne (g/t) versus 4.74 g/t during the previous quarter.
Mine development rates – to reach new ore bodies – have been pushing ahead at a steady 1,200 metres per month for the last nine months. All-in-Sustaining Costs for the quarter was $2,161 ounces, compared to $2,394 ounces during the last quarter.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/evolution-mining-seeing-its-turnaround-efforts-rewarded-in-red-lake-5622235