Hedging Transaction
Perth, Dec 2, 2016 AEST (ABN Newswire) - The Board of Blackham Resources Limited (ASX:BLK) ('Blackham' or 'the Company') is pleased to announce that it has realised $6.3 million in cash following the purchase of physical gold ounces at the current reduced spot price to close out a total of 41,250 ounces of forward gold sales contracts at an average price of $1,762/oz.
The bulk of these forwards were originally entered into in September 2016 at a gold price of $1,774/oz (refer ASX announcement 21st September 2016). Given the recent volatility in the gold price, the Board saw an opportunity to crystallise a significant profit generated in a short period of time which will further strengthen working capital.
The remaining gold forwards under this facility stand at 12,795 ounces at a price of $1701/oz.
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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