With reserves freshly boosted at its President Steyn gold mining operations in South Africa, Thistle Mining (THT-T) has reported record production for October.
During the month, the mines cranked out 18,840 oz. of gold. That compares with production of 11,854 oz. in February, when the company acquired the mines. Between July and September, the mines produced an average of 16,120 oz. per month.
Thistle’s president, Willie McLucas, says the increase in production reflects an improvement of mining methods and the introduction of an ore pass system at the mine’s Northern section.
The company expects to maintain the higher level of production and sees unit costs returning to lower levels.
Reserves at the mines now total 17.6 million tonnes grading 5.6 grams gold, for just more than 3.15 million oz. – an increase of 18% since mid-August. Overall resources ring in at 76 million tonnes averaging 8 grams gold, including the reserves. The increased reserves effectively reduce the company’s hedge position to 24%, from 63% in mid-February.
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