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.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.