K92 is pleased to announce Q3 2018 production of 9,549 ounces of gold and 146,315 pounds of copper from the Kainantu Gold Copper Mine
Q3 2018 Highlights include:
- Production of 9,549 ozs of gold and 146,315 lbs copper for a total of 9,908 AuEq ozs in Q3 2018
- The average grade treated through the Process Plant for Q3 2018 was 16.7 g/t Au and 0.38% Cu
- Initial exploration drilling program on Yanabo/Yompossa porphyry target completed
- No Lost Time Injuries (LTIs) recorded during Q3 2018 and none recorded for the entire 2017
VANCOUVER, British Columbia, Oct. 12, 2018 (GLOBE NEWSWIRE) -- K92 Mining Inc. (TSX-V: KNT; OTCQX: KNTNF) (“K92”) is pleased to provide an update on operations during Q3 2018 (“Q2”) at its Kainantu Gold Mine in Papua New Guinea.
During Q3, K92 produced 9,549 ounces of gold, 146,315 pounds of copper and 2,551 ozs of silver or 9,910 AuEq ozs (based on a Gold price of US$1,300/oz; Silver US$16.5/oz; Copper US$2.90/lb).
As previously reported, mining operations were disrupted for a period of over three weeks in July due to a fall of ground (“FOG”) near muck bay 4 in the incline, which necessitated remediation action and replacement of ground support in the area. The production was achieved from operating less than 75% of the quarter, while during the balance of the quarter production exceeded 1,000 ozs AuEq per week.
Mining operations focused on Kora North, comprising cut and fill stope mining from the K2 vein over a 200-metre strike length and cut and fill stope mining on the K1 vein over a 250-metre strike length.
The blend of primarily K1 material with some and K2 material provided an average grade treated through the Process Plant for Q3 of 16.7 g/t Au and 0.38% Cu. Recoveries for the quarter averaged 94% for gold and 93.2% copper.
Grade control drilling from the third drill cuddy Diamond Drill Cuddy 3 (“DDC3”) continued during the quarter, while exploration drilling commenced from DDC4.
John Lewins, K92 Chief Executive Officer and Director, states, “We are extremely pleased with the production of almost 10,000 AuEq ozs achieved during this quarter, especially given that underground mining production was disrupted by a Fall of Ground (“FOG”) in the incline, which resulted in over 3 weeks of underground mine production being lost during the quarter. Excluding this stoppage, production exceeded 1,000 ozs per week for the balance of the quarter. In addition, we saw an improvement in gold recover to 94% while throughput in September was the best yet achieved at over 9,500 tonnes for the month.”
Further financial details regarding Q3 production will be available within the upcoming quarterly financial filing. Based on budget, K92 anticipates operations achieved positive cash flow for the quarter.
On behalf of K92,
Chief Executive Officer and Director
For further information, please contact the Company at +1-604-687-7130.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Cash flow estimations for Q1 2018 are subject to change and subject to the finalization of financial statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Project, expectations of future cash flows, the proposed plant expansion, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.