HONG KONG (Yosefardi) – G-Resources Group Limited said its forecast gold production for 2013 is now revised upwards from 250,000 ounces to 280,000 ounces.
While Silver production is now increasing after lower production earlier in the year and forecast is now revised to 1.7 million ounces for the year, down from 2.2 million ounces.
While the second quarter of 2013 has been the second full quarter of operations at Martabe and by the end of the quarter, the mine and process plant were operating at, or above, design capacity, whilst gold production hasexceeded target.
On 24 July 2013, Martabe mine celebrated the first anniversary of gold production. In its first year, the Martabe mine has produced over 200,000 ounces of gold and almost one million ounces of silver – exceeding ramp-up expectations.
Achievements during the quarter were 70,212 ounces of gold poured, yielding a total of 133,845 ounces year to date, and 382,320 ounces of silver poured, yielding a total of 626,703 ounces year to date.
Gold and silver revenue received from sales of $98.5M. Site operating costs for the quarter were under budget as management looked to reduce costs across all activities. Cash costs to gold under the Gold Institute
Standard (NAGIS) were $510/oz poured.
As at 30 June 2013, there were 19,328 ounces of gold and 87,202 ounces of silver in bullion form, on site and in transit to sale in final refined form.
The Martabe mine is located on the western side of the Indonesian island of Sumatra in the Province of North Sumatra, in the Batangtoru sub-district. Martabe is established under a sixth generation Contract of Work (CoW) signed in April 1997.