- Ora Banda Mining (OBM) continues to ramp up activities at its Davyhurst Gold Project as it works towards its annual guidance of 80,866 ounces
- OBM says Davyhurst’s milling and crushing circuits improved throughout August, with 1164 ounces of refined gold mined in the last week of the month
- The company expects production numbers to improve even further this month, with 1298 ounces of fine gold to be produced in the first week of September
- Meanwhile, mining at OBM’s Riverina open pit and Golden Eagle underground remains ahead of schedule, according to the company
- Shares in Ora Banda Mining are down 4 per cent at 9.6 cents each
Ora Banda Mining (OBM) is continuing to ramp up activities at its Davyhurst Gold Project as it works towards its annual guidance of 80,866 ounces of gold.
The mining stock has released an operational update on Thursday, stating Davyhurst’s milling and crushing circuits improved throughout August.
OBM said 1164 ounces of refined gold was mined in the last week of August while 1298 ounces of fine gold was set to be produced during the first week of September.
All up, 9042 ounces of gold was produced over July and August, with production now expected to ramp up over the coming months.
The improvements are due to performance improvements introduced across drilling, blasting, mining and processing activities.
Ora Banda’s Managing Director Peter Nicholson said the company had also enjoyed better weather at the site.
“It is most pleasing to see the step change in our plant’s performance and throughput,” Mr Nicholson said.
“It is testament to our team and their hard work that all the action plans are being executed with successful outcomes.
“With clear plans in place to address the remaining limiting factors and exciting exploration results to follow up, we are now well placed for stronger, consistent
production moving forward.”
Mining at OBM’s Riverina open pit and Golden Eagle underground mines remains ahead of schedule, according to the company.
Cash-wise, the company had cash and unsold bullion of $8.03 million and 1298 ounces with no debt.
However, after accounting for bullion, GST and creditors, OBM said it had adjusted cash of $7.53 million.
Shares in Ora Banda Mining were down 4 per cent at 9.6 cents per share at 11:13 am AEST.