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- Laneway Resources (LNY) begins to refurbish the Georgetown gold processing plant in North Queensland
- The $2.5 million program essentially allows the company to start processing ore through the plant in the upcoming months
- The program includes site works and re-establishing associated infrastructure and is expected to take about three months
- Company shares are trading flat at 0.5 cents
Laneway Resources (LNY) has initiated the refurbishment of the Georgetown gold processing plant in North Queensland.
Specifically, site works and electrical and mechanical refurbishment programs at the processing plant have begun as part of Laneway’s refurbishment and restart works program.
The estimated $2.5 million program will allow the company to begin processing ore through the plant in the coming months.
Ultimately, the restart will reportedly allow the company to maximise gold production, generate material free cashflow and begin building the platform for a regional gold processing centre.
In addition, Laneway is re-establishing associated site infrastructure such as water, tailings, offices, maintenance stores, workshops and communications and said these are advancing well.
“We are pleased to be underway with the refurbishment and restart works at the Georgetown plant which, once complete, will enable us to take control of our processing and development future and provide a clear pathway for Laneway to execute on its significant growth pipeline,” Managing Director Brad Gordon said.
The company expects the work will take around 12 weeks to complete at which time high-grade ore from Agate Creek will be mined and ready to be processed.
The next phase of drilling and blasting at Agate Creek is expected to begin in mid-May and earthmovers will mobilise soon after.
Company shares were trading flat at 0.5 cents at market close.
