Gold Resources & Development, based in Perth, Australia, says results from the quarter ended March 31 indicate record-low mine costs and increased output at its Macraes gold operation, near Palmerston, New Zealand.
Chairman Brettney Fogarty says sales of 42,782 oz. for the quarter put the company on pace to reach a planned 30% increase in 2000, to 165,000 oz.
An unaudited quarterly net profit of A$6.7 million was in line with expectations for a 50% rise in annual profit to A$25 million, says Fogarty. He adds that the cash cost of extraction was at a quarterly low of A$277 per oz. and that the overall recovery of 82.8% is ahead of the previous quarter.
The 10-year-old Macraes mine is New Zealand’s premier gold producer. The mine’s millionth ounce was extracted in January. Macraes now has reserves of 2.2 million oz. and over 4.1 million oz. of resources remaining. Exploration in 1999 resulted in the discovery of 123,000 oz. of reserves, or nearly as much as the mine’s present production.
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