Monday, 25th July 2005 (2789 views)

Sino Gold has announced that it produced 5,180 ounces from its operations in China during the second quarter of 2005.

The Australian group reported that production for the three months to June 30th was up from 4,283 ounces in the previous three months and was in line with lower purchase of low-grade, low-recovery material from the neighbouring 711 mine.

The Sydney-based company stated that cash operating costs at its 100 per cent owned Jianchaling and 80 per cent owned Zhangjiashan sites improved over the quarter from $314 an ounce to $247 an ounce, according to Dow Jones.

Sino Gold said that the operations continued to generate a small positive cashflow after exploration and capital expenditure and reported cash of approximately $45 million at the end of June and an undrawn $40 million project loan facility.

The firm also revealed that it had received mining licenses for its Jinfeng project, also in China, where exploration is continuing. Sino stated it is fully funded to complete Jinfeng's first phase development to 180,000 ounces/year in 2006 and announced a planned expansion of up to 300,000 ounces from 2008.

 

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