Hopefully we've seen the last of the 2's. POG might slip from...

Hopefully we've seen the last of the 2's. POG might slip from here but not for long IMO. Too many macro thingys happening.
"Millennium increases production guidance following
continuing strong results from its Nullagine Gold Project
Millennium Minerals Limited (”Millennium” or “Company”) is pleased to advise that it is
revising its guidance for financial year 2015 (ending 31 December 2015). Gold production is
now projected to increase by 11% to between 80,000 ounces and 83,000 ounces whilst
guidance for the all-in sustaining costs (AISC)1
is reduced by approximately 6% to between
$1200/oz and $1250/oz2
. These production and cost figures compare with previous guidance
of 72,000 oz - 75,000 oz and $1275/oz - $1325/oz, respectively.
This revised production guidance for the Nullagine Gold Project (the “Project”) stems primarily
from forecast increases in mined ore tonnages, milled head grade and processing plant
throughput rates for the Project.
In the month of July 2015, the Project produced a record 8833 oz at a C1 cash cost3
of
$784/oz and an AISC of $1029/oz, which include an $81/oz profit-share royalty.
This outperformance follows on from a strong first half year, during which the Company
produced 41,721 oz at an AISC of $1265/oz, including all royalties.
Cost reductions achieved are a result of both improved mill throughput and a number of cost
saving measures implemented since the start of the year as reported in the June 2015
quarterly activities report. These measures have so far delivered over $12 million in
annualised cost savings.
Based on this revised guidance, Millennium expects to reduce its senior debt by a further $5.1
million in the current quarter, thus reducing the principal outstanding to $6.1 million at
30 September 2015. This rate of debt servicing will keep the Company on track to retire this
senior debt within the first half of 2016.
Millennium Chief Executive Glenn Dovaston said the revised production and cost guidance
shows that the Company’s turnaround strategy is continuing to deliver positive results.
“We are managing to outperform both within the mining and processing operational areas,”
Mr Dovaston said. “This is underpinning our production forecasts and enabling us to maximise
cash flow and hence reduce our senior debt rapidly.
“Our turnaround strategy is working and we are expecting to be well positioned to unlock the
potential value of our Nullagine Gold Project tenements.”