Sydney - Friday - July 29: (RWE Australian Business News) - Croesus Mining NL (ASX code: CRS) reports gold production for the June quarter was 35,727 ounces at a cash cost of $597 per ounce. As foreshadowed in the March quarterly report, production of 183,020 ounces at a cash cost of $440 per ounce was below budget for the 2004/05 year and would have a negative impact on profit for the year. The company is reviewing the carrying value of assets acquired in the 2002 merger with Central Norseman Gold Corporation. Highlights of the June quarter were: * record ore reserves of 2.2 million tonnes at 7.8g/t gold for 545,000 ounces gold defined for the Norseman operations; * mineral resources increased to 16.6 million tonnes at 4.2g/t gold for 2.2 million ounces gold at the Norseman operations; and * St Patrick's and Norseman reef ore reserves increased to 120,000 ounces gold and O'Brien's ore reserve lifted to 104,000 tonnes at 11.1g/t gold for 36,000 ounces gold. Shares in Croesus today rose 1.5c to 36c.
CRS Price at posting:
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