HONG KONG (Yosefardi) – G-Resources Group Limited said its Martabe mine will this year produce between 230,000 to 250,000 ounces of gold and appriximately 2 million ounces of silver.
Martabe mine is located in the western side of the Indonesian island of Sumatra, in the Batangtoru sub-district.
In first quarter of this year, G-Resources recorded 64,802 ounces of gold poured and 515,617 ounces of silver poured. Gold and silver revenue received from sales reached $89M.
AISC (all-in sustaining costs) reached $682 per ounce sold in first quarter of this year with average gold price of $1,281 per ounce.
For 2014, AISC is anticipated to be between $750 and $850 per ounce of gold sold. Site cash operating costs per ounce of gold sold are anticipated to be between $750 and $850 per ounce of gold sold.
Exploration expenditures are expected to be approximately $65M – this includes some minor land acquisition costs, lifts for the tailings storage facility and installation of a secondary crushing facility to bring plant throughput capacity to around 5 mtpa.
G-Resources is seeking to organically grow gold production through continued exploration success on the large and highly prospective CoW area.