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Evolution Mining Ltd.
Summary
| Project: | Drummond | |
|---|---|---|
| Deposit: | Drummond | |
| Location: | Australia | |
| Commodities: | Gold-Silver | |
| Date: | 7/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 24-7-2019: Evolution Mining Ltd. announces an Exploration/Drilling Update report for its Drummond deposit at the Drummond project. Drilling results incl. 3m @ 3.42g/t Au, 6.7g/t Ag from 7m. Group Total Recordable Injury Frequency (TRIF) at 30 June 2019 wa | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Rex Brommecker (Internal) | |
| ABSTRACT: | Group Total Recordable Injury Frequency (TRIF) at 30 June 2019 was 8.3 (31 March 2019: 7.8). Evolution acknowledges that the Group safety performance has declined from the high standards the Company is committed to. Following a number of recent tragedies in Queensland’s mining industry, Evolution will be conducting safety stops across all its operations this month to refocus the Company’s efforts on improving safety performance. Group gold production for the June 2019 quarter was 194,886 ounces (Mar qtr: 175,901oz) at an AISC of A$915/oz (Mar qtr: A$925/oz). Using the average AUD:USD exchange rate for the quarter of 0.6999, Group AISC equated to US$640/oz – ranking Evolution among the lowest cost gold producers in the world. Evolution delivered operating mine cash flow of A$215.2 million (Mar qtr: A$168.3M) and net mine cash flow of A$152.2 million (Mar qtr: A$107.8M). Reported cash flow is A$2.2 million lower than outlined in the FY19 Preliminary Operating Results and FY20 Guidance released to the ASX on 10 July 2019 due to quotational period pricing adjustments for outstanding Mt Carlton concentrate shipments. Mine capital expenditure was A$63.0 million (Mar qtr: A$60.5M). FY19 sustaining capital of A$94.7 million was below the bottom end of the A$105 – A$135M guidance range while major capital of A$180.4 million was in the middle of the A$165 – A$200M guidance range. | |
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