Ann: Granny Venn Cut-back Guidance Exceeded, page-4

Granny Venn Cut-back Guidance Exceeded
126kt of ore processed at an estimated head grade of
2.37gt/au for 9592 oz
Resources & Energy Group Limited (ASX: REZ or the Company) are pleased to provide an update on
the Granny Venn Gold Mine. Toll Milling for the projects fourth and final production campaign (T4)
were completed over the weekend. This concludes mine operations for the Granny Venn Cutback.
Highlights
• Total ore production of 126kt at head grade of 2.37gt/ au achieved
• All forecast production targets achieved or exceeded
• Preparations underway to ramp up exploration at the Gigante, Springfield, Granny Venn
north and Maranoa Prospects.
• Scout drilling operations planned to strategically investigate additional prospects
Background and Discussion
In July 2021 the company announced commencement of mining operations at the Granny Venn (GV)
Open Cut Gold Mine. Over the weekend the fourth toll treatment (T4) for the project was completed
at Golden Mile Milling’s Lakewood plant. The GV cut back represented the first mining operations to
take place at Granny Venn since 1998. The production target forecast by the Company was 120kt @2.3
gt/au for 8800oz (1) . This has been exceeded.
A total of 126kt of ore with an estimated head grade of 2.37gt/au for 9532 oz has been processed. This
is a metallurgical estimate pending completion of gold pours at the Perth mint, and gold in circuit
reconciliation for T4. First pours for T4 have been outturned at Perth, with the balance production of
bullion expected to be shipped to the refinery over the next week.
The completion of T4, represents the final ore production from the cutback mining proposal. The
cutback has been a highly successful project for the Company, and its mining partner BM Mining
Services, refer table 1 production statistics.
Item Actual Budget Difference
Tonnes (ROM) 125868 119316 105%
Grade gt/au (ROM) 2.37 2.30 103%
Ounces (ROM) 9532 8800 108%
Mill Recovery (%) (2) 93% 91% 103%
Ounces (milled) (2) 8900 8245 108%
Table 1 Granny Venn Cutback Production Statistics
Commenting on the outcome REZ Director Daniel Moore said “This is a great result, and full credit to
our team, and our mining partners BM mining services-the production statistics speak for
themselves. Since acquisition the Company has rapidly moved to commercialise this near-term
production opportunity”.