Sydney, Jan 24, 2006 (ABN Newswire) - Resolute Mining Limited (ASX: RSG) Announces fourth quarter results for 2005. Brief details follow with full report available for download.
OPERATIONS
Quarterly Production
- Gold production for the quarter of 74,477 (72,017) ounces of gold was achieved at a cash cost of A$500 per ounce (A$518).
- Production at Golden Pride in Tanzania for the quarter was 34,351 (40,000) ounces of gold at a cash cost of A$428 (A$371) (US$319:US$282) per ounce.
- Gold production at Ravenswood generated 40,126 (32,017) ounces at a cash cost of A$562 (A$701) per ounce.
DEVELOPMENT
Syama
- Progressing with a range of aspects associated with the project aimed at enhancing its returns. Feasibility update underway to enable reassessment of the project in the March quarter.
Mt Wright
- Development of the Mt Wright underground ore body at Ravenswood to proceed. Design work and equipment procurement is to commence in the March quarter with major site works scheduled to start in July 2006. First production ore is anticipated in late 2007.
Golden Pride
- A study to re-optimise the pit design using a gold price between US$450 and US$550 has commenced based on 1.0 million ounces of resources outside the current pit and the new lodes delineated on the southern wall.
EXPLORATION
- Exploration activities continued at a high level during the quarter, with exploration drilling activities in Tanzania, Mali and Ravenswood.
- "Eastern Extension" optimisation has delineated a separate in-pit resource at Golden Pride of 790,000t @ 2.08g/t Au (53,000 ounces) based on the results of the 2005 drill programme.
- At Nyakafuru, follow up drilling on the Leeuwin and Grange prospects have defined consistent mineralisation over a strike length of at least 500m. Best results for the period include: 30m @ 2.14g/t Au from 63m, 17m @ 3.04g/t Au from 54m and 18m @ 3.05g/t Au from 28m.
- In Mali further encouraging results were reported from the Tabakoroni Prospect (Finkolo JV) including: 7m @ 15.0g/t Au from 24m, 25m @ 3.4g/t Au from 71m, 5m @ 16.8g/t Au from 114m and 14m @ 67.9g/t Au from 33m. Some of these results are 400m south of the main high-grade core area previously defined suggesting consistent mineralisation over a good strike length.
- At Ravenswood drilling under the Sarsfield pit confirmed the high-grade core of the Area 5 and Bell mineralisation, including some unexpectedly high grade intercepts: 47m @ 3.14g/t Au from 247m (The Bell), 27m @ 6.12g/t Au from 116m (The Bell), 52m @ 4.92g/t Au from 238m (The Bell) and 15m @ 5.03g/t Au from 46m (Area 5).
CORPORATE
- Group cash and bullion at the end of the quarter was A$15m (A$22).
- Gross cash flow from operations for the quarter was A$3m (A$2m).
- Debt reduced to A$27.1m.
- Completed separate listing of uranium assets through subsidiary, Valhalla Uranium Ltd.
A full quarterly report is available for download here;
http://www.asiacorpnet.com/2005Q4/resolute/122005.pdf
