"ASX Release – 26 September 2017 Commercial Production and New...

"ASX Release – 26 September 2017 Commercial Production and New Long Hole Stope Centennial Mining Limited (ASX: CTL) (Centennial or the Company) is pleased to advise that commercial production has been declared at its 100% owned A1 Gold Mine in Victoria.

Under the accounting standards, commercial production occurs when a mine is in the location and condition necessary for it to be capable of operating in the manner intended by management. Although the initial development at the A1 Gold Mine was completed during H1 FY2017, commissioning and ramp-up activities (including significant investment in mine services and mining equipment) continued during H2 FY2017.

Management has been monitoring the consistency and stability of the performance of the A1 Gold Mine. Having achieved the production and infrastructure criteria determined by the Board, the A1 Gold Mine has, with effect from 1 July 2017, moved to commercial production.

From 1 July 2017, all relevant operating costs and revenue will be accounted for in the Company’s income statement (other than costs that qualify for capitalisation relating to mining asset additions or improvements).

Commenting on this important milestone, Centennial’s Executive Chair, Dale Rogers, said: ‘Achieving commercial production is a significant milestone for the Company and all credit must be given to the dedication and commitment of our team at the A1 Gold Mine and Porcupine Flat Processing Plant. I want to personally thank all of our employees and contractors for their hard work. We are working towards continuous improvement in the operations in the current financial year’."