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Northern Star Resources Ltd.
Summary
| Project: | Pogo | |
|---|---|---|
| Deposit: | Goodpaster | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 9/16/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 16-9-2019: Northern Star Resources Ltd. announces an Exploration/Drilling Update report for its Goodpaster deposit at the Pogo project. Drilling results incl. 2.1m @ 44.5g/t Au. Northern Star Resources is pleased to announce that it will invest US$30 mill | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Michael Mulroney (Internal) | |
| ABSTRACT: | Northern Star Resources is pleased to announce that it will invest US$30 million (A$43m) in an expansion of the processing plant at its Pogo gold mine in Alaska. Under the expansion plan, the annual throughput capacity of the Pogo plant will be increased from one million tonnes to 1.3 million tonnes. Work on the expansion will start this financial year and is expected to be completed in early CY2021. Northern Star expects to invest US$10m in the expansion project this financial year, with the remaining US$20m to be invested in FY2021. The US$30 million investment is in addition to Northern Star’s current capital expenditure budgets and will be funded from ongoing cashflow. Northern Star Executive Chairman Bill Beament said the decision to increase Pogo’s production rate reflected the significant confidence the Company has in this world-class asset. “The extensive changes we have implemented and our ongoing optimisation program, including the introduction of long-hole stoping and the use of bigger, more efficient mobile mining equipment, have been highly successful,” Mr Beament said. “We now know that Pogo in the future can comfortably sustain a mining rate of 1.3 million tonnes a year. The progress we are making and the visibility we now have, shows that this is the optimal run-rate for Pogo in terms of sustainability and cost-effectiveness. “With this confidence in the mining operation now well-established, we will move quickly to begin expanding the plant, driving further efficiencies in the process.” Mr Beament said Northern Star’s confidence in the outlook for Pogo was also underpinned by the strong exploration results being generated from the new discovery in the Goodpaster prospect located just 1km from the existing mining areas. | |
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