OVERVIEW:
Co-O MINE PRODUCTION
Production: 31,495 ounces at a head grade 6.8 g/t gold, cash costs of
US$439 per ounce, AISC US$953 per ounce (June 2015 quarter of 26,542
ounces at a head grade of 6.01 g/t gold, cash costs of US$390 per ounce,
and AISC US$1,076 per ounce).
Production guidance: Guidance for FY 2015-16 is 120,000 to 130,000
ounces.
Mill performance: gold recovery averaged 94% (June 2015 quarter 94%).
Development: A total of 7,269 metres of horizontal and vertical
development completed for September quarter.
Shaft haulage: Haulage system de-bottle-necking continuing. L8 ore
hoisting competing with materials for increasing development at Levels 8, 9
and 10, and waste generation from Service Shaft and ventilation raises.
Service Shaft: Service Shaft collar concrete pour completed, underground
Alimak raising completed, blind sink from surface to Level 2 underway,
stripping of raises to final dimensions to commence in early CY 2016.
Resource drilling: Extensive underground drilling program, targeting
resource extensions from Levels 8 to 16 to commence in December
quarter.
Co-O MINE EXPLORATION
Resources and Reserves: New estimates show Indicated Resources and
Probable Reserves remain essentially constant at 604k ozs at 12.2 g/t gold
and 427k ozs at 7.33 g/t gold respectively.
Underground resource drilling results include 2.1m @ 295 g/t Au; 2.35m
@ 66 g/t Au; 0.8m @ 84 g/t Au; 1m @ 53 g/t Au; and 2.15m @ 19 g/t Au.
Drilling postponed for West Road 17 veins.
Surface exploration continuing at South Agsao veins.
TAMBIS REGION
Bananghilig (B1) Deposit: Resource modelling commencing.
Guinhalinan Prospect: Scout drilling commencing in December quarter.
COAL EXPLORATION
Regional mapping of coal bearing stratigraphy nearing completion,
including locating several seams ranging up to 3.2 metres thick.
Scout drilling to commence in December quarter.
CORPORATE & FINANCIALS (unaudited)
Total cash and bullion on hand at the end of the quarter of approximately
US$11.6 million (approximately US$14.6 million at 30 June 2015), reduced
by net cash movements in the creditor/receivable accounts.
During the quarter, the Board of Directors, CEO and Company Secretary
voluntarily and unconditionally agreed to reduce their fees/salaries by 15%
for the current financial year
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