KBL Mining Produces 60th Gold Bar of the Year
Gold miner KBL Mining Limited (ASX:KBL) today announced the production and shipment of its 60th gold bar, having produced its first gold bar in January this year from the state of the art Mineral Hill CIL circuit.
This is a significant milestone for the company, which had recently endured a few years of difficulty brought about by an aggressive attempted takeover, plummeting base metal prices, a delayed, over-budget plant and an extreme weather event that caused a crack in the haul road to its open pit mine taking away its profitable ore source.
KBL has worked hard to turn its fortunes at its Mineral Hill Project in NSW and to date has delivered approximately 4,000 ounces gold and 8,600 ounces silver as bullion.
The Mineral Hill CIL is capable of generating saleable bullion from the treatment of float tails, re-treatment of gold tails and treatment of oxide ores.
By broadening its production profile, KBL has managed to create operational flexibility and reduce overall risk.
“The enhanced treatment flexibility of the Mineral Hill plant will allow the company to maximise mill feed options while optimising processing for future ore sources,” said KBL managing director Greg Starr.
“This adaptability is crucial for continued growth and sustained production while also highlighting amenability to toll treatment opportunities”.
Installation of KBL’s 100% owned Carbon-in-leach (CIL) processing plant as well as significant improvements to the flotation circuit have seen its ore recovery rate increase by over 50% since the end of 2015.
The rate of increase is not guaranteed to continue at this pace, so seek professional financial advice for further information with regard to investing in this stock.
The plant is within 1km of the producing open cut mine and other deposits held by KBL and has received $30M worth of upgrades over the past few years.
The CIL plant is the only plant of its kind in the region.