ERL begins round two toll treatment at Penny’s Find
Empire Resources (ASX:ERL) today announced it has begun the second toll treatment campaign at Lakewood Mill, located on the southern outskirts of Kalgoorlie-Boulder in WA.
The campaign relates to the joint venture gold project, Penny’s Find, which recently delivered maiden revenues with its first gold pour. The doré gold bar was poured at the Lakewood toll milling facility from gravity gold recovered by a gravity separation circuit processing system.
Since August, the company has produced approximately $2 million worth of gold from Penny’s Find. ERL holds a 60 per cent interest in the mine, with the remaining 40 per cent held by Brimstone Resources Ltd.
ERL remains a speculative stock and investors should seek professional financial advice if considering this stock for their portfolio.
This second toll treatment campaign will process 30,000 tonnes of ore. The operators of the Lakewood Mill, Golden Mile Milling, have been given an undertaking to provide further time allocations for the treatment of Penny’s Find ore. While processing kicks off at Lakewood Mill, ore from the project is also being treated at the Burbanks Mill in Coolgardie.
The Penny’s Find open pit has now reached 50 metres in depth and is accessing the higher-grade parts of the orebody. ERL expect to issue a mining and processing summary for the month of November in early December.
Penny’s Find is the primary project for ERL, and is expected to generate revenues in the vicinity of A$30 million in its first 12 months.
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