as production rates improve, all the ratios, including the all important cash costs improve because the same costs are spread over more ounces. Access to the Chisperos pit with best ore didn't start until January so Q1 will show further improvements in tons processed and ounces of gold.
PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 30, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
Gold miner, Lachlan Star Limited ("Lachlan" or the "Company") (LSA.TO)(LSA.AX) provides the following summary of its activities for the quarter ended 31 December 2012.
CMD GOLD MINE (100%, CHILE)
- 13,722 ounces of gold produced in the quarter, an increase of 32% quarter on quarter and a record under Lachlan Star's ownership;
- Record gold stacked of 17,855 ounces, an increase of 10% on the previous quarter;
- Record ore mined of 1.32 million tonnes, an increase of 20% on the previous quarter;
- Record ore stacked of 1.24 million tonnes, an increase of 26% on the previous quarter;
- Mining costs reduced to $9.43 per tonne of ore (including waste stripping), an improvement of 13% on the previous quarter;
- Processing costs reduced to $7.88 per tonne stacked, an improvement of 4 % on the previous quarter;
- G&A costs reduced to $1.68 per tonne of ore, an improvement of 10 % on the previous quarter;
- Total costs reduced to $18.99 per tonne of ore stacked, an improvement of 9% on the previous quarter;
- Delivery of owner mining fleet completed during December 2012 in line with guidance;
- Owner mining fleet operating at time of reporting well in excess of assumed production rates;
- Over half of the drill and blast drilling now completed by the Company's own drill fleet;
- Full mining access established in Chisperos (highest grade pit) in January and reconciliation to date shows a 28% increase in tonnes at 24% higher grade than the Probable Mineral Reserve;
- Record ore mining rates achieved in late January, including 24,052 tonnes of ore mined in one day.
BUSHRANGER COPPER PROJECT (100%, Newmont earning 51%, NSW)
Under the terms of the Bushranger Farm-in and Joint Venture Agreement, Newmont completed:
- 34 line kilometres of Induced Polarisation (IP) survey;
- 58km2 of geological mapping.
- Transition of senior management with the retirement of Managing Director, Mr Declan Franzmann to non executive director and increased responsibility for Mr Bira de Oliveira, Chief Operating Officer.
The full Quarterly Activities Report is available on our website at the link below: